Income tax season is definitely a fantastic time to finance a new or used vehicle. Savvy car hunters can often leverage a significant income tax return for a purchase or down payment. Check out our Oklahoma City OK tax season car sales for Hyundai today.
The US Internal Revenue Service allows you to deduct sales tax paid on a purchase of a vehicle on Form 1040, Schedule A. You cannot claim this deduction unless you itemize. You may deduct this sales tax whether you do business with a private party or a car dealership.
Disclaimer. Consult a federal tax professional when filing deductions on your income taxes.
Yes. You can deduct the sales tax whether charged on a new or used car. You can only claim a tax deduction that is equal to what you paid when you purchased the car by adding it to the Sales Tax Table amount for your state, along with the registration fees that you paid, if the state bases the fee on the value of your car or truck. Furthermore, those expenses are deductible if itemized only. In the case of sales tax, it is required to be higher than the state income tax that you paid.
If by chance you happened to miss our Hyundai Year End or Presidents’ Day Sales Events, don’t fret, our next sale is waiting just around the corner. We offer wallet-friendly car sales throughout the income tax season. View our incentives or inventory to find the Hyundai deal in Oklahoma City OK you’ve been waiting for. Our helpful Hyundai specialists are waiting to assist you in finding the right vehicle at a competitive price.