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Tax break for the purchase of new motor vehicles

The Internal Revenue Service and Treasury Department announced that a tax break for the purchase of new motor vehicles is available in states that do not have a state sales tax. Under the American Recovery and Reinvestment Act of 2009, taxpayers who buy a new motor vehicle this year are entitled to deduct state or local sales or excise taxes paid on the purchase. The IRS and Treasury have determined...

July 10th, 2009 by The Tax Man 
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Last Minute Tax Tips

A few last minute tax tips this year.  You do not want to miss these items on your tax return as you finish things off these last few days.   Bigger standard deduction Image by Getty Images via Daylife   Homeowners who pay state and local real estate taxes but don’t file an itemized return will receive a larger standard deduction. Besides the standard deduction, you can get the amount...

April 13th, 2009 by The Tax Man 
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