New Car Tax Credit - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

bbfn11 · 12-15-2009, 04:46 PM

Just wondering how many of you are aware of this?

http://www.irs.gov/newsroom/article/...205863,00.html

Nice way to get a break on the car since I paid sticker.

Captain Awesome · 12-15-2009, 04:51 PM

Quote:

Originally Posted by bbfn11

Just wondering how many of you are aware of this?

http://www.irs.gov/newsroom/article/...205863,00.html

Nice way to get a break on the car since I paid sticker.

I'm sure that Turbo Tax and H&R Block will not miss this question...

Michael_Js · 12-15-2009, 04:52 PM

I be usin' it!

Brokinarrow · 12-15-2009, 05:15 PM

Quote:

Originally Posted by Michael_Js

I be usin' it!

2010 SSRS · 12-15-2009, 05:20 PM

Nice

elpatofeo · 12-15-2009, 05:37 PM

...I'm not a tax expert so I'm asking this: the deduction means we get reimbursed the tax we paid on the vehicle? all of it or just part of it?

I will definitely be doing this regardless...

JuicedSS · 12-15-2009, 05:46 PM

Quote:

Originally Posted by elpatofeo

...I'm not a tax expert so I'm asking this: the deduction means we get reimbursed the tax we paid on the vehicle? all of it or just part of it?

I will definitely be doing this regardless...

A tax credit would mean you would get a $ for $ refund i.e. if you paid $3000 in sales tax, you would have to pay $3000 less in taxes. A deduction means that your taxable income is decreased by the amount of the deduction i.e. if you paid 3,000 in sales tax, your taxable income would be reduced by 3,000. So, if you were in the 25% tax bracket, you would actually be saving $750 (25% of $3,000).

UCI CamaroFan · 12-15-2009, 05:48 PM

parents make too much to qualify...

Snuggles · 12-15-2009, 05:55 PM

Not trying to hijack, but have a tax question...

I have been using TurboTAX for the last 3 years (ever since I moved to TX) and wonder if anyone prefers TurboTAX vs. H&R Block vs. a CPA or other accountant?

I DO itemize each year for the fact that I own my own home, vehicle and have other small business deductions and property tax and student loan deductions.

Reason I ask this question is: sometimes I just wonder if I went with a CPA or other accountant, would I possibly be getting more money back? I am single with "0" dependents so I havent had to pay anything back, always get $$ back.

Thanks for the help!

PQ · 12-15-2009, 06:10 PM

Quote:

Originally Posted by JuicedSS

A tax credit would mean you would get a $ for $ refund i.e. if you paid $3000 in sales tax, you would have to pay $3000 less in taxes. A deduction means that your taxable income is decreased by the amount of the deduction i.e. if you paid 3,000 in sales tax, your taxable income would be reduced by 3,000. So, if you were in the 25% tax bracket, you would actually be saving $750 (25% of $3,000).

Very correct.

PQ · 12-15-2009, 06:17 PM

Quote:

Originally Posted by Snuggles

Not trying to hijack, but have a tax question...

I have been using TurboTAX for the last 3 years (ever since I moved to TX) and wonder if anyone prefers TurboTAX vs. H&R Block vs. a CPA or other accountant?

I DO itemize each year for the fact that I own my own home, vehicle and have other small business deductions and property tax and student loan deductions.

Reason I ask this question is: sometimes I just wonder if I went with a CPA or other accountant, would I possibly be getting more money back? I am single with "0" dependents so I havent had to pay anything back, always get $$ back.

Thanks for the help!

It's a lot simpler when it's only individual. I always used a preparer to do it. Very different than a CPA. I have to use a CPA now for Corporate and Personal. If you are looking to answer your question, a CPA will get your best answer. It will cost a bit more but you'll get the right info. Typically you won't get more back using a human preparer, CPA or otherwise, espec. since you pay them more, but I'd do it once just so you know.

Snuggles · 12-15-2009, 06:27 PM

Thanks PQ! thats what i was lookin for bud

gregus73 · 12-15-2009, 06:29 PM

xlnt, always like tax breaks.
will be using too.

Darth_Emma · 12-15-2009, 06:54 PM

Anyone know if this tax credit will be extended into next year? I won't be getting my car until early January. Argh!

12-15-2009, 04:46 PM	#1
bbfn11 Beeliever! Drives: 2010 2LT Coupe Automatic Join Date: May 2009 Location: East Central Wisconsin Posts: 33	New Car Tax Credit Just wondering how many of you are aware of this? http://www.irs.gov/newsroom/article/...205863,00.html Nice way to get a break on the car since I paid sticker.

12-15-2009, 04:52 PM	#3
Michael_Js SoCal C5 Family Member Drives: 2010 Camaro SS/RS - Black w/IOM; 6M Join Date: Jul 2009 Location: San Diego, CA, USA Posts: 5,298 View My Garage	I be usin' it! __________________ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~ 2010 Black 2SS/RS; 6M; IOM, GFX, sunroof; ADM Race CAI; Zoomers CB; Viper Alarm; Pdaft F&R sways, Adj Endlinks, Rtrailing arms, Camber kit, strut brace, Front Trailing Arm Bushing; SLP Skip-Shift Elim; Tinted lights/windows; Hurst Short-throw; LoJack; Door & Dash ABL Mods; ********; JBA Shorty headers; AACStyle LEDs; Stillen DS rotors, Hawk Ceramic pads; Havoc Blk Chrome wheels: 20x9s; Lingenfelter Blk Al Pedals; RevXtreme Catch Can; Goodridge SS lines; Ported TB; RK Sport hood; Hotchkis chassis brace; KW V3 coilovers;

12-15-2009, 05:48 PM	#8
UCI CamaroFan Zot! Drives: Toyota 4Runner Join Date: Feb 2009 Location: Orange County, California Posts: 1,317	parents make too much to qualify... __________________

12-15-2009, 05:55 PM	#9
Snuggles Drives: 2010 VR 2SS/RS, M6, whitestrip Join Date: Jul 2009 Location: Palestine, TX Posts: 165	Not trying to hijack, but have a tax question... I have been using TurboTAX for the last 3 years (ever since I moved to TX) and wonder if anyone prefers TurboTAX vs. H&R Block vs. a CPA or other accountant? I DO itemize each year for the fact that I own my own home, vehicle and have other small business deductions and property tax and student loan deductions. Reason I ask this question is: sometimes I just wonder if I went with a CPA or other accountant, would I possibly be getting more money back? I am single with "0" dependents so I havent had to pay anything back, always get $$ back. Thanks for the help! __________________ 2010 VR 2SS/RS M6 w/ Arctic white stripes # 33532!

12-15-2009, 06:27 PM	#12
Snuggles Drives: 2010 VR 2SS/RS, M6, whitestrip Join Date: Jul 2009 Location: Palestine, TX Posts: 165	Thanks PQ! thats what i was lookin for bud __________________ 2010 VR 2SS/RS M6 w/ Arctic white stripes # 33532!

12-15-2009, 05:20 PM	#5
2010 SSRS Drives: 3 V8 Camaros Join Date: May 2009 Location: The Ocean State Posts: 111,186 View My Garage	Nice

12-15-2009, 05:37 PM	#6
elpatofeo LawBraker Drives: 10 SIM 2LT/RS & 2016 1SS Hyper Blue Join Date: Oct 2008 Location: Fresno, CA. Posts: 910 View My Garage	...I'm not a tax expert so I'm asking this: the deduction means we get reimbursed the tax we paid on the vehicle? all of it or just part of it? I will definitely be doing this regardless...

12-15-2009, 06:29 PM	#13
gregus73 Drives: 2010 Blue Challenger R/T Join Date: Dec 2009 Location: Austin, TX Posts: 159	xlnt, always like tax breaks. will be using too.

12-15-2009, 06:54 PM	#14
Darth_Emma Psssssssssshhhhhhhhhhhhh! Drives: under contruction Join Date: Nov 2009 Location: Marysville, Ohio Posts: 12,996 View My Garage	Anyone know if this tax credit will be extended into next year? I won't be getting my car until early January. Argh!

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