Senior Spectrum
Newspaper
June 2009
Our Other Publications
Generation Boomer
Magazine
on-line
Golden Pages
Directory
Taxes and You!
Is it Time to Buy That New Car?
If you are looking for a new automobile to purchase in the remainder of 2009, the American Recovery and Reinvestment Act signed in mid-February has a provision designed to stimulate a new auto purchase. This might be a great plan for you.
If you are a buyer, you can deduct the excise, state, and local taxes for the purchase of eligible vehicles from your federal income-tax return. In order to qualify you have to have an adjusted gross income (ADI) of less than $125,000 per year or for joint filers, less than $250,000. If the auto you want to purchase doesn't cost over $49,000, it qualifies. If it is over that amount, then only the first $49,000 is eligible.
For those of you who are receiving unemployment (UI) benefits, you might be an individual who is having taxes taken out of your unemployment check. Yes unemployment is taxable. However, with the economy in the condition it is in, there are discussions of removing the tax on the first $2,400 that you would receive this year as it would help with the stimulus program and give the individual more money. Keep your fingers crossed, this might go through.
If you have been considering replacing the drafty windows, insulating the attic, maybe installing an air conditioner this summer, a new furnace for next winter or solar panels, this might be the right time. The new economic recovery package includes funds for energy-related grants. This will help make your home more efficient and comfortable.
April 15, 2009 was the last day for filing taxes for 2008, but that is not all. If you are going to start estimating your taxes, besides sending any amount you owed for 2008, you will estimate how much you will be making in 2009 and send in one quarter of that amount. The first quarter estimated tax payment was April 15. The second estimated tax payment is due June 15, 2009, the third is due September 15, and the fourth on January 15, 2010.
If you have any questions you would like an answer to, at no charge, or wish to schedule a seminar, call Reno at (775) 852-1416.