Planning on buying a new car? Now might be the best time. The American Reinvestment and Recovery Act, commonly known as the Federal Stimulus Bill, provides some enticing incentives for purchasers of new cars and several other types of motor vehicles. The incentive is in the form of a tax deduction on your 2009 tax return. The initial form of the legislation provided for a tax credit, but the final legislation that was passed made it into a tax deduction. Depending on your income level and the vehicle you are planning to buy, this benefit could yield a fair chunk of change in your pocket.
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Posts Tagged ‘stimulus’
The New Car Tax Deduction is a Great Deal for Car Buyers
Tuesday, December 15th, 2009Is The Federal Earned Income Tax Credit a Good Avenue for Stimulus Payments?
Monday, August 24th, 2009The American Recovery and Reinvestment Act was designed to get the economy moving again by getting people to spend money. It’s off to a slow start, because most of what the plan calls for is new spending: new infrastructure projects, new subsidies for alternative fuels, new educational stimulus money, and more local handouts. But there’s already a “stimulus” plan in place that can handle all that, and more! (more…)