The IRS Deductions Blog

Posts Tagged ‘purchase’

Question: How do you go about filing a one time tax deduction for a vehicle?

I started a company but purchased the vehicle before I got the actual LLC. My vehicle is used for my business and I wanted to file for a one time tax deduction for using it. Help….

Answer: Your LLC must own the title to the vehicle. Can you refi with you as an individual personally guaranteeing the business will pay? You can still do mileage in a car your LLC doesn’t own.

Items on Amazon Right Now for Tax Deduction Vehicle Purchase:

A Promise Fizzles

More than a decade after the federal government approved the first captive to fund employer-sponsored benefits, the rate of adoption has lagged behind expectations.

Buy or Lease?

Question: Is there a special tax deduction for new cars purchased in 2009?

I purchased a new Malibu on December 30, 2009. Was there a special government incentive that involved a tax deduction?

Answer: you get to add the sales to your standard deduction, this is the only special benefit for those who are not able to itemize(Sch L)
and if you are in a state that has no sales tax, the excise tax and any based on the value of the car are are deductible

Items on Amazon Right Now for Tax Deduction Car Purchase 2009:

Globaldrive (UK) Var – Notice

Globaldrive (UK) Var – Notice

Recovery: Time Is Run Out – December 2009

Question: Tax deduction for automobile purchase tax paid?

I live in Michigan, purchased a used car from a private party and paid the tax on it at the secretary of state. Will I get a paper ion the mail for this for my taxes?

Answer: No, you already got a receipt when you paid the tax.

You can either deduct state income taxes OR state sales taxes paid if you itemize your deductions. You may take whichever works out best for you.

There’s a sales tax rate table that you must use but you can add the sales tax for major purchases such as a motor vehicle.

If you don’t itemize, you don’t get any deduction at all for that.

Items on Amazon Right Now for Tax Deduction Automobile Purchase:

Offutt volunteers ready for tax season

It’s the start of a new year. For many Americans that means putting away holiday decorations, making resolutions and returning to work. For most Americans, it also means it’s time to gather necessary forms and receipts for the Internal Revenue Service.

Question: Are you able to claim deduction on 2009 new car purchase if you do not itemize deductions?

The new stimulus has a provision for new car purchases. If we buy a new car this year, can we claim this on our taxes next year even if we don’t itemize our deductions? Also-does this work the same for pre-owned or certified pre-owned for does it have to be brand new? This year our standard deduction was way more than itemizing. Thanks for any help you can give me.

Answer: Here is a synopsis of the deduction:

•New car buyers. Purchasers of new cars and trucks will be allowed to deduct sales or excise taxes. This is an above-the-line deduction, so you don’t have to itemize to claim it.

The deduction is limited to sales tax on purchases of up to $49,500. The deduction phases out for single taxpayers with adjusted gross income of more than $125,000, and married taxpayers whose AGI exceeds $250,000.

The amount you save will depend on your state sales tax rate and the price of your car or truck. If your state imposes a 4% sales tax and your car costs $40,000, the deduction will reduce your adjusted gross income by $1,600, says tax publisher CCH.

The deduction is limited to car and truck purchases made between the date the bill becomes law and Dec. 31, says Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants. Congress “is trying to get people to buy cars right away,” he says.

Items on Amazon Right Now for Tax Deduction New Car Purchase:

Tax Season: Now’s the Time to Get to Planning

December 20, 2009 (Tulsa World, Okla.) As if you weren’t already rushed enough with last-minute holiday shopping and general year-end busyness, here’s a little something extra to throw into the mix — tax planning.

New Car Tax Perks

Question: Tax Deductions?

Does anyone know what you are able to get deductions on? I hear it’s from mileage to prescriptions to 401k to have a checking and savings account! Is this for real? I am single, no kids, not in school, don’t own a home and have not donated to any charities this year. Is there any hope for me? Oh yeah – I did purchase a car – someone told me that’s a deduction too! Are these people for real?

Answer: the ones on here are not especiually the ones that wants to claim double head of households…..but if the car is used for business then yes a portion of it is deductable. Everything else start reading http://www.irs.gov

Items on Amazon Right Now for Tax Deduction Car Purchase:

IRS will begin regulation of paid tax preparers

Paid tax preparers will have to register with the federal government, pass competency tests and follow ethical standards under rules that will take effect sometime after the current filing season, Internal Revenue Service…

Hanga Abbey: A Model of Hope 1 of 5