new car buying in 09 income tax thingy

Zof9i6 · 02-09-2010, 09:34 AM

just finish doing my income tax
for the new car buying in 09 income tax thing
i file single and no dependents and i get only about $300 more difference
just wonderin how much difference some of you guys be getting?

vipor · 02-09-2010, 09:56 AM

Haven't filed yet..

PapoZalsa · 02-09-2010, 10:24 AM

Quote:

Originally Posted by vipor

Haven't filed yet..

OldGuy · 02-09-2010, 10:27 AM

Quote:

Originally Posted by Zof9i6

just finish doing my income tax
for the new car buying in 09 income tax thing
i file single and no dependents and i get only about $300 more difference
just wonderin how much difference some of you guys be getting?

Depends on one's taxable income, which determines his bracket, which will determine the amount of actual tax savings. Still a worthwhile benefit and incentive to purchase.

vipor · 02-09-2010, 10:29 AM

I just read that you can claim the sales tax on a new car on top of the standard deduction. Hopefully I get some extra monies.

antman22 · 02-09-2010, 10:53 AM

from what i've read, i think they allow you to deduct the tax paid from your taxable income so you are taxed on less, which would yield you a better return. unfortunately they dont pay you the sales tax back

some is better than none i guess.

import111 · 02-09-2010, 01:45 PM

$200 difference for me.

Shift · 02-09-2010, 01:50 PM

Something is better than nothing, with that said we bought two new cars this year. heading to the tax man this weekend.

molamann · 02-09-2010, 01:54 PM

Cpa prepared my return already... forgot to mention the Z. He's not going to be happy. :S

kannibul · 02-09-2010, 02:37 PM

Quote:

Originally Posted by vipor

I just read that you can claim the sales tax on a new car on top of the standard deduction. Hopefully I get some extra monies.

In a sense, that's how it works.

It increases your deductions, making your taxable income less, then your taxes are based off that lowered income, and compared against what you paid.

OldGuy · 02-09-2010, 02:37 PM

Quote:

Originally Posted by antman22

from what i've read, i think they allow you to deduct the tax paid from your taxable income so you are taxed on less, which would yield you a better return. unfortunately they dont pay you the sales tax back

some is better than none i guess.

Right. The energy efficiency home improvements create a tax credit. This is only an income tax deduction for the amount of the sales tax paid.

kannibul · 02-09-2010, 02:39 PM

Quote:

Originally Posted by OldGuy

Depends on one's taxable income, which determines his bracket, which will determine the amount of actual tax savings. Still a worthwhile benefit and incentive to purchase.

Actually, the deduction itself is the same...based on a formula. If you make something like 250K/yr or more, then it's pro-rated. Same if the vehicle price is over a given amount.

The final outcome on your taxes depends on what you paid in, your tax bracket, etc, just as before - just now you can deduct the tax paid on the vehicle.

vipor · 02-09-2010, 02:59 PM

Maybe since I bought a car that's supposed to be way out of my price range I'll get more back

Here's hoping taking a pay cut to help out a start up company actually helps me somehow...

antman22 · 02-09-2010, 03:09 PM

Quote:

Originally Posted by vipor

Maybe since I bought a car that's supposed to be way out of my price range I'll get more back

Here's hoping taking a pay cut to help out a start up company actually helps me somehow...

put an ad on your car and write it off as a business expense: "company vehicle"

if that works, you owe me a beer!

zentropy · 02-09-2010, 03:16 PM

Mine was about $300-$400. Don't recall exactly, but hey every little bit counts. I just barely made it, did the paperwork on mine 12/30/09.

02-09-2010, 09:34 AM	#1 (permalink)
Zof9i6 Base Member Join Date: Mar 2009 Location: sac Posts: 81 Drives: 370z Rep Power: 16	new car buying in 09 income tax thingy just finish doing my income tax for the new car buying in 09 income tax thing i file single and no dependents and i get only about $300 more difference just wonderin how much difference some of you guys be getting? __________________ go Raiders!!!!

02-09-2010, 09:56 AM	#2 (permalink)
vipor A True Z Fanatic Join Date: Aug 2009 Location: Euless, TX [ DFW ] Age: 42 Posts: 13,531 Drives: Nismo 09-0183 QAB Rep Power: 49	Haven't filed yet.. __________________ 2009 NISMO # 0193 \| QAB \| Albums! \| 05.04.10 (Dynojet) 291.94hp/248.28tq Oil Cooler (DIY) \| Custom Headlights \| GTSPEC Braces \| F.I. Long Tube Headers

02-09-2010, 10:29 AM	#5 (permalink)
vipor A True Z Fanatic Join Date: Aug 2009 Location: Euless, TX [ DFW ] Age: 42 Posts: 13,531 Drives: Nismo 09-0183 QAB Rep Power: 49	I just read that you can claim the sales tax on a new car on top of the standard deduction. Hopefully I get some extra monies. __________________ 2009 NISMO # 0193 \| QAB \| Albums! \| 05.04.10 (Dynojet) 291.94hp/248.28tq Oil Cooler (DIY) \| Custom Headlights \| GTSPEC Braces \| F.I. Long Tube Headers

02-09-2010, 01:50 PM	#8 (permalink)
Shift Base Member Join Date: Apr 2009 Location: Glen Rock,PA Age: 58 Posts: 220 Drives: (370-Z MT Blue 7A) Rep Power: 16	Something is better than nothing, with that said we bought two new cars this year. heading to the tax man this weekend. __________________ 2009 Mt Blue 7AT * GTSpec 4 point brace * Berk HFC * Stillen GEN III * Berk CBE * Forgestar F-14 * NISMO S Tuned Spoiler

02-09-2010, 02:59 PM	#13 (permalink)
vipor A True Z Fanatic Join Date: Aug 2009 Location: Euless, TX [ DFW ] Age: 42 Posts: 13,531 Drives: Nismo 09-0183 QAB Rep Power: 49	Maybe since I bought a car that's supposed to be way out of my price range I'll get more back Here's hoping taking a pay cut to help out a start up company actually helps me somehow... __________________ 2009 NISMO # 0193 \| QAB \| Albums! \| 05.04.10 (Dynojet) 291.94hp/248.28tq Oil Cooler (DIY) \| Custom Headlights \| GTSPEC Braces \| F.I. Long Tube Headers

02-09-2010, 10:53 AM	#6 (permalink)
antman22 Track Member Join Date: Dec 2009 Location: Dallas TX Posts: 597 Drives: 09 PG 370z 7AT Rep Power: 16	from what i've read, i think they allow you to deduct the tax paid from your taxable income so you are taxed on less, which would yield you a better return. unfortunately they dont pay you the sales tax back some is better than none i guess.

02-09-2010, 01:45 PM	#7 (permalink)
import111 Track Member Join Date: Feb 2009 Location: Tucson, AZ. Posts: 622 Drives: 09 Nissan 370Z Rep Power: 191	$200 difference for me.

02-09-2010, 01:54 PM	#9 (permalink)
molamann A True Z Fanatic Join Date: Jan 2009 Location: Los Angeles Posts: 1,666 Drives: 370Z with NAVVVVV Rep Power: 284	Cpa prepared my return already... forgot to mention the Z. He's not going to be happy. :S

02-09-2010, 03:16 PM	#15 (permalink)
zentropy Enthusiast Member Join Date: Dec 2009 Location: Irving, Texas Posts: 407 Drives: 2013 Ford Focus ST Rep Power: 15	Mine was about $300-$400. Don't recall exactly, but hey every little bit counts. I just barely made it, did the paperwork on mine 12/30/09. __________________ Stillen CBStillen G3Stillen bumperCobb HFCTein BasicsVossen CV35% TintLED Bulbs http://www.facebook.com/groups/The370ZDfw http://www.facebook.com/paul.lum

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