[K9Vic]

Texans: Better buy that SS before 12/31/13 or no tax deduction.

EDIT: This is for Texas and other states with no income tax.
First I heard about this, but if you are seriously thinking about an SS or any vehicle, better buy it before end of day tomorrow 12/31/13 or no tax federal deduction. I just heard about this today and thought I would pass this along to the board.

The news report below is at a Chevrolet dealer here in Dallas area, Grapevine Chevrolet. They show a red SS at about 1:14 and a woman looking at it. So that one may already be sold, but worth a try.

Texans Shop for Big Ticket Items Before Federal Sales Tax Change | NBC 5 Dallas-Fort Worth

6 Popular Tax Breaks That Could Disappear in 2014 - Government - Sonoma Valley, CA Patch

 

[Don't Call Me Surely]

Great post, but not a lot of time to take action, huh? Imagine someone went to buy the SS with a day's notice because of this.

 

[CamaroCPA]

I'm a tax accountant.

Please don't buy something just for a tax deduction (or have a child for the additional dependent...)

OP: I don't want my comment to be taken that you were implying someone should go by a car just for the deduction! And I appreciate your edit. Everyone, please consult your tax adviser when it comes to deducting sales tax. You may or may not get to take the deduction depending on your circumstances.

 

[Maverick Man]

not to mention "IF" you do your taxes that way. most of the time your sales tax even with a car bought that year won't exceed the amount you want to regularly claim anyhow.

 

[ls3ss]

The sales manager I was working with insisted that I could deduct the car purchase sales tax off of my federal return and that he had done that for many years. I ended schooling him on that not being correct for most people since the sales tax you pay must exceed your standard and/or state payroll taxes.

 

[Maverick Man]

The sales manager I was working with insisted that I could deduct the car purchase sales tax off of my federal return and that he had done that for many years. I ended schooling him on that not being correct for most people since the sales tax you pay must exceed your standard and/or state payroll taxes.

yep and you can probably try to save every receipt you can and you will never come close to your standard / state payroll taxes.

 

[K9Vic]

Texas has no state payroll taxes, we do not file a state income tax.

This tax deduction that is going away benefits people in states with no income tax like Texas and people here do get more of a return writing off large purchases because we have no income taxes to deduct.