Elmhurst, Illinois (PressExposure) December 08, 2009 -- Ed Napleton Acura, a leading Chicago area dealership for new and used Acura vehicles in Elmhurst, Illinois is pleased to announce that a tax break is available for new car [http://www.napletonacura.com/research/virtual-brochure.jsp?make=Acura&menu=newcars] purchases made in 2009. This means that new car customers may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax return.
Internal Revenue Service Commissioner Doug Shulman said: "This deduction enables taxpayers to buy now and get cash back later on their tax returns." The vehicle be purchased after February 16, 2009 and before January 1, 2010, to qualify for the deduction.
The special deduction is available regardless of whether the customers itemize deductions. Purchasers can claim this special deduction only on their 2009 tax returns as per the current law. The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a qualified new car, light truck, or motorcycle. 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. Learn more from Ed Napleton Acura.