Monday, July 06, 2009

Your Clunker is worth cash…maybe

I hope everyone had a wonderful holiday weekend and got to relax and spend time with friends and family. While at a barbecue over the weekend, the topic of taxes came up when talking around the fire pit. Many individuals were asking about the new Cash for Clunkers Act and how it works for those interested in purchasing a new automobile. Here are the details:

The Consumers Assistance to Recycle and Save Act (Cash for Clunkers) allows taxpayers who purchase a new vehicle a voucher worth up to $4500 for their old automobile. The goal is to boost sales of newer fuel efficient vehicles and clean up the environment. Automobiles that are eligible for trade in must be in drivable condition, continuously insured and owned for one year, manufactured less than 25 years before the trade-in date, and have fuel efficiency of 18 mpg or less.

There are a few other details regarding the specifics of the automobile that is being traded in and how much the actual voucher amount will be so be sure to speak to your tax advisor before actually going to make a new car purchase.

Keeping Your Business N Synergy

No comments: