A glimpse of the sun in an otherwise overcast economy? The Internal Revenue Service announced recently that taxpayers who buy a new passenger vehicle this year may be entitled to deduct state and local sales and excise taxes paid on the purchase on their 2009 tax returns.
If you’re thinking about buying a new car, truck or SUV, this deduction could enable you to buy now and get cash back later on your tax return, an attractive incentive.
This is particularly good news for Ford shoppers. One of the industry’s most respected nameplates, Mustang, brings a sleek new entry to the table while Taurus, one of the most successful Ford cars in recent history, makes a stunning return to the showroom. The newest gas sippers, the 2010 Ford Fusion and Fusion Hybrid, and the 2010 Mercury Milan and Milan Hybrid, share the title of the most fuel-efficient midsize sedans in America.* The distinctive new Lincoln MKZ also joins the lineup, with a look that’s hard to miss. These are a few of the Ford family highlights.
The deduction applies to any new vehicle purchased after 2/16/09 and before 1/1/10.
Naturally, there are some restrictions and exceptions. To get all the facts, contact the IRS or consult your tax advisor.**
The point is simply this: It’s a great time to buy that Ford, Lincoln or Mercury you’ve had your eye on. Visit your Ford or Lincoln Mercury Dealer for a test-drive or log onto fordvehicles.com,mercuryvehicles.com or lincoln.com to see the great lineup that could earn you a break from the IRS.
*EPA-estimated 23 city/34 hwy/27 combined mpg, Fusion S I-4 automatic and Milan I-4 automatic with Rapid Spec 101A; 41 city/36 hwy mpg, Fusion Hybrid and Milan Hybrid. Actual mileage will vary. Midsize class per R. L. Polk & Co.
**The tax benefit to a purchaser will depend on individual tax circumstances and may be reduced or eliminated based on the purchaser's modified adjusted gross income. Customers should consult their tax advisors or the IRS to confirm processes and the amount of tax deduction that they may claim. For more information, log onto www.irs.gov.
