All Posts Tagged With: "tax credits"
There are a couple of incentives for those wanting to buy a car
Jennifer McClelland | RSS | Mon, Oct 26 2009 | 1 Comment
If you are in the market for a new car and are in the United States, there are still a few incentives for you that you may want to consider before you plop down $30,000 on your new car.
Obviously the biggest government incentive this year was the Cash for Clunkers program, but just because you missed out on that, that doesn’t mean that the government doesn’t want to help in other ways (as long as you buy your car by December 31st anyway).
When you go to a car dealership, you an typically negotiate a deal. Other than that, you can get a sales tax deduction right now. When the federal stimulus bill was passed at the beginning of the year, any person who purchased a car after February 17th and before January 1, 2010 is able to get a sales tax deduction on their car.
The downside is that the deduction is limited to the first $49,500 of the car’s price and the deduction phases out for those who earn over $125,000 per year or married people filing jointly $250,000. Once the person earns $135,000 alone or $260,000 for joint filings, the deduction is eliminated.
Sure, you aren’t going to be getting a huge deduction from this, but something is better than nothing. Because the deduction is only on sales tax, if someone lives in a state that does not have sales tax, the deductions can be applied to fees that the state or local governments impose.
You can also get a tax credit if you purchase a hybrid. Popular cars like the Prius aren’t eligible for the credit anymore, but 2009 models that are eligible include some cars from Chrysler, Dodge, Saturn and Mazda. The credits range between $1,550 and $2,200.
For the 2010 models, the tax credits are a bit more limited. They’re available to mostly SUV hybrids.
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Tags: sales tax deduction, something is better than nothing, government incentive
Save money on your taxes every year
Jennifer McClelland | RSS | Fri, Jul 10 2009 | 4 Comments
Lizzie is off this week so I’m going to give writing about saving money a try. Sometimes we share little tips and tricks between ourselves so hopefully this one will be as helpful to everyone as hers usually are.
I was searching around the internet and found 7 ways to save money on your taxes:
1) If you go green you can get tax credits thanks to the Energy Policy Act. The more you reduce your energy usage, the more you can credit on your taxes.
2) When you itemize on your taxes, your medical bills can be deducted. This goes as far as to include prescription drugs, doctor visits, and surgeries.
3) Any ticket you buy that has a “suggested donation” can be deducted also. You can write off those out of pocket costs while doing charitable work also.
4) Some money management tools can be deducted such as safe-deposit box fees, tax-prep fees, subscriptions to investment magazines, etc.
5) Three words: Student loan interest
6) If you send in January’s mortgage payment ahead of time, you’ll make the mortgage payment in the current tax year and be able to deduct that interest.
7) Moving expenses can also be deduced if you have to relocate for your job or to obtain employment. Just make sure to keep track of all the expenses that you pay for while packing up and moving.
Related posts:Save money on your moving costs and reduce fees from companies
Save money this year in anticipation of the next
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Tags: tax credits, tips and tricks, moving expenses

