Tax Credit For Buying A New Car
How does the Tax Credit For Buying A New Car Work?
How does it work? It is in effect from February 16th until December 31st of 2009. There's been a lot of speculation that it will be extended past 2009, but that's far from certain right now.
Basically, you get a taxcredit for any state and local sales tax you pay on the vehicle. You're eligible if you're a single taxpayer who makes $125, 000 or less a year, and for families the income limit is $250, 000 per year.
And there's also a limit when it comes to the price of the vehicle- it only applies for cars and trucks priced $49, 500 and under. Of course, it's the rare vehicle that cost more than that, and if you're looking at one of those a taxcredit probably isn't a priority with you.
What to look for when you get a tax Credit for buying A new Car
So if you've been thinking of buying a new car, now's a good time to do it, as the tax credit can be worth many hundreds of dollars, and there's no guarantee that it will be renewed in the future.
Unfortunately, the tax credit might save you hundreds of dollars, but it can't protect you from car dealer tricks and schemes that can cost you thousands. To do that, you need to read the explosive tell all book by John Myers, a former car salesman who went straight.
No one should buy a new car without reading his book. It can save you thousands, which is a lot more than a tax credit for buying a new car.
1500 tax credit for a new car - Do you qualify for the new tax credit?
If you are looking to get the $1500 tax credit for a new car, you may find that even though your car was purchased in 2009 that you still be not qualify for the new tax credit.
Why? Because if your car was purchased before Feb, 16th 2009 when the new car tax credit law took effect you will not be eligible for the tax credit. The Tax credit law only applies to cars purchased after Feb, 16th and before Jan 1, 2010.
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Article Source: ArticlesBase.com
