The tax season is truly an intelligent time of year for buying a new vehicle. Savvy car shoppers can apply a significant tax refund towards their down payment or purchase. Find our Orange County Toyota income tax season car deals today.
The US Internal Revenue Service permits a deduction on the sales tax paid for the purchase of a car or truck by itemizing on Schedule A on Form 1040. Unless you itemize, you can’t deduct this sales tax. You may deduct the tax whether you do business with a private party or dealership.
Disclaimer. Consult a tax specialist when filing deductions on your federal income tax return.
Yes. You can deduct the sales tax whether it’s charged on a used or new car or truck. One can only make a tax deduction that is equal to what was paid when you purchased the vehicle by adding it to the Sales Tax Table amount for the corresponding state, alongside the car or truck registration fees that you paid, if your state bases the fee on the value of your car or truck. Those expenses are deductible only when itemized. In the specific case of sales tax, it is required to be higher than the state income tax that you paid.
If you missed out on our Toyota End of Year or Presidents’ Day Sale Events, don’t dismay, another big sale is always happening just around the corner. We offer can’t-miss car sales throughout the United States’ tax season. Visit our inventory or incentives to find the Toyota deal in Orange County you’ve been wishing for. Our knowledgeable Toyota specialists are waiting to assist you in finding the right car at a competitive price.
Orange County Tax Season Car Sales for Toyota | Miller Toyota of Anaheim