Congress and the Obama administration have created another 2009 tax deduction that will allow you to have a new vehicle this year and do your part to stimulate the economy. If you meet the requirements you can deduct the sales or excise taxes that you are required to pay for the purchase. The sales or excise tax deduction will either increase your itemized deductions if you itemize, or your standard deduction if you do not. If you have questions, contact either your tax preparer or CPA. Here are the details from the IRS: (more…)
J. William Seabrooke CPA P.C.
A Professional Corporation Member: American Institute of Certified Public Accountants- (770) 886-2922 (Office)
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