Monday, March 23, 2009

Buy A Vehicle - Get Tax Credit

According to the American Recovery and Reinvestment Act of 2009 if you purchase a vehicle before 2010 you qualify for a tax credit.

Who Gets It?
Individuals who purchase new vehicles after 2/16/09 and before 2010. Benefit starts to phase out for individuals with MAGI or $125k/$250k

When Do You Get It?
When taxpayers file their 2009 tax return

What does the taxpayer need to do?
When you file your 2009 tax return, make sure you claim the maximum benefit under this provision. You may claim this deduction even if you don't itemize.

Contact your tax professional for complete details.Not meant as legal advice

Looking for additional details of the American Recovery and Investment Act of 2009? Contact The H Team for a free copy of the Key Individual Provisions

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