Tax Deduction To Help Car Buyers

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) April 14, 2009 -- The Internal Revenue Service announced that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns next year. IRS Commissioner Doug Shulman was quoted as saying "For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year. This deduction enables taxpayers to buy now and get cash back later on their tax returns."

The new deduction applies to state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, motor home or motorcycle. The qualifying vehicle must be purchased after Feb. 16, 2009, and before Jan. 1, 2010 to secure the deduction. Application is to new passenger cars or light trucks with a GVW rating of not more than 8500 pounds. The announcement noted that the amount of the deduction is phased out for taxpayers whose modified adjusted gross income is between $125,000 and $135,000 for individual filers and between $250,000 and $260,000 for joint filers. This special deduction is made available to car buyers regardless of
whether a taxpayer itemizes deductions on their return. For additional information on this new car tax deduction, or items disclosed in this tax advisory, please
remember to consult with your tax advisor.

To take advantage of this incentive go to Toyota and Scion of Wallingford located on 859-861 North Colony Rd. Wallingford, CT or visit them on the web at www.wow-toyota.com. Toyota of Wallingford is a Connecticut Toyota and Scion Dealer serving the Wallingford, Middletown, Hamden, New Haven, and Hartford areas. Toyota of Wallingford is your one stop Connecticut Toyota source for New, Used or Certified Toyotas including the Yaris, Corolla, Camry, Rav4, Highlander, 4Runner, Sequoia, Tundra, Tacoma, Prius, Camry Hybrid, Solara,FJ Cruiser, and Venza. They also Sell and Service Scions including the Scion XD, XB, and TC.