Quote:
Originally Posted by dweedlebug
FYI -- Good info regardless, but it REALLY is not as much as most people think.
Look at the back of the Schedule A form for the calculation. A $30,000 car at around 7% tax gets to deduct ~$150.
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It really depends on your tax bracket.
Car: 30,000
Taxes @ 7%: 2,100
Estimating 16% for taxes still equals $336. Sounds good to me.