A couple of new tax laws for 2009

A couple of new tax laws for 2009

If you purchased a motor vehicle from 2/09 through the end of the year, you may qualify to deduct the sales tax on your income tax return up to $49,500 on the new car. If you were planning to purchase a new vehicle for home or business, this provides an excellent incentive for taxpayers to consider. You must be the 1st owner of the car. Tax benefit is subject to taxpayer’s adjusted gross income.

If you’re a small business owner, you may qualify to reduce your 2009 estimated taxes. The estimated payments are 90% of your 2008 or projected 2009 tax liability, whichever amount is smaller. In addition to lower estimated taxes, small business owners may take advantage of increased section 179 deduction for up to $250K. This deduction allows small business owners to deduct most tangible business property such as office equipment, computers and the vehicles.