Federal tax break

to help on purchase

of new cars

The ``Cash for Clunkers'' program for new cars may have ended, but the IRS wants to remind taxpayers that many people might overlook another special break available. If you buy a new vehicle this year, there's a special federal tax deduction available that can help you save money, in some cases hundreds of dollars.

This federal tax break will allow people who buy a new vehicle in 2009 to deduct the sales and excise taxes they pay when they file their tax return next year. The tax deduction is available on the 2009 federal tax return even for those who claim the standard deduction.

The deduction is part of the American Recovery and Reinvestment Act of 2009 and applies to taxes paid on up to $49,500 of the purchase price for qualified new cars, light trucks, motorcycles or motor homes. Generally, vehicles weighing 8,500 pounds or less qualify. This means that most new cars and many new trucks will qualify. New motor homes qualify regardless of weight.

Buyers are entitled to a partial deduction if they earn between $125,000 and $135,000 ($250,000 and $260,000 for joint filers). The deduction is eliminated for those who earn more than these amounts.

To qualify, the vehicle must be new and purchased in 2009 after Feb. 16 and no later than Dec. 31. There is still time left, but the clock is ticking.

More information is available online at www.irs.gov/recovery.

Terry L. Lemons

Director

of Communications

Internal Revenue Service

Women in business

story offers ideas

for entrepreneur

Thank you for the interesting article in the business section on women owned businesses seeking ways to grow (``Taking the lead,'' Oct. 5). Cindy Krischer Goodman's article drew my attention because I'm a small business owner and I'm always looking for news about what other woman business owners are doing to build their businesses. I also enjoy reading about how they're trying to learn and exchange ideas.

It's great to hear that despite the trials and errors and the slump of the economy, women are still trying to be their own bosses. This helps me realize that I'm not alone.

I hope this generates more discussion. I look forward to reading more stories about women business owners.

Colette Smith

Marketing Plus Solutions

Miami

Richard Pachter's

book reviews keep

reader informed

I look forward to the excellent business book reviews of Richard Pachter in most editions of Business Monday. His reviews and personal insights of new business and economic practices are helpful and keep me up-to-date in this fast changing world.

Harry Davis

Hollywood