Taxpayers who missed out on the “Cash for Clunkers” program can still get some money back from the federal government for buying a new car, light truck, motorcycle or motorhome before the end of this year.
IRS spokesman Christopher Miller told Radio Iowa the break allows taxpayers to deduct state, local sales or excise taxes on the new vehicle purchases costing up to $49,500. The tax break went into effect early in the year.
Miller said taxpayers have to have purchased the new vehicle after Feb. 16 of this year or by Dec. 31.
There are some income limits. He said the deduction for a married couple phases out with incomes of $250,000 or more and for a single person the deduction phases out at $125,000.
Miller said taxpayers don’t even have to itemize your deductions to get the tax break. For more information, go to www.irs.gov.