If you missed the “Cash for Clunkers” program you can still take a deduction if you purchased a new vehicle between February 17, 2009 and December 31, 2009. If you new vehicle weighs 8,500 pounds or less and the total cost of the vehicle is $49,500 or less, you may be entitled to take a deduction for the sales tax or excise tax paid on that vehicle. The deduction can be taken as either an additional itemized deduction or as an add-on to the standard deduction.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.