Time to buy that Busa! Tax Free Year!

el stumpo

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So the Stimulus plan is finalized, and as I read through it, I find this nugget:

Temporary deduction for car buyers: The bill would let those who buy a new car, light vehicle, recreational vehicle or motorcycle in 2009 deduct state and local sales taxes as well as any excise tax charged in the purchase. The deduction would be available to those earning less than $125,000 ($250,000 for joint filers). Estimated cost: $1.7 billion.

I'm not crazy about the bailout, but this just may get me to spend.....

Entire CNN Aritcle
 
ok ...

tax credits are good I think, they reward the spender and make it more likely they will do so..
 
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Ok Randy, let's not turn this into a political thread.. we can start another for that one. :poke:

This thread should deal only with buying a new bike - Tax FREE! :woot:
 
Can I just write off the balance of what I currently owe on my bike?
 
Now, if I am not mistaken...this is just a tax write-off on the amount of sales tax paid which reduces your taxed income. It is not a tax credit is it? A tax credit is like actual cash. A write-off just reduces your adjusted income that is taxed. So is this a Tax Credit or Write-off?
 
Lucky me my bike is PAID FOR...:cheerleader: I got a nice return and it's time to do some UPGRADES, the wife dosen't know about this yet!!!:laugh:
 
Now, if I am not mistaken...this is just a tax write-off on the amount of sales tax paid which reduces your taxed income. It is not a tax credit is it? A tax credit is like actual cash. A write-off just reduces your adjusted income that is taxed. So is this a Tax Credit or Write-off?
yep, just comes off your income, not your tax liability if I read it right.. you just add the amount to your standard deduction.. so you might save a couple hundred bucks, not the full amount of the taxes.. sort of a left handed "make me feel good" :)
 
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yep, just comes off your income, not your tax liability if I read it right.. you just add the amount to your standard deduction.. so you might save a couple hundred bucks, not the full amount of the taxes.. sort of a left handed "make me feel good" :)

Well a couple hundred bucks is still some income, although, the people that are out of jobs etc. probably aren't in a position (credit wise or otherwise) to enjoy the benefits of this "stimulus"

I'll do my best to do my part and get a busa by year's end :whistle:
 
I would say wait to buy a 2008 or 2009 BUSA a little longer. There has been more layoffs and more credit crunch. I think in a few more months, dealers will be looking to give a better deal on the 2008's (even know they are great now) and there will be some deals to be had on a 2009. Now, with that being said... Suzuki has cut production so how many 2009 Hayabusas will be available will be anybody's guess. IMO, I think the deals will get a little better on the new bikes. I know some dealers around here going around and buying lots of USED bikes because they can get more return on a sale of a used bike and they also think used bikes (lower prices) will sell better this year.
 
Ok someone needs to run the numbers for an example of what this really means I nominate BOGUS:poke::laugh::laugh:
 
Ok someone needs to run the numbers for an example of what this really means I nominate BOGUS:poke::laugh::laugh:
Ok I ran the numbers for my last years return (just adjust your gross income by sales tax/excise tax on bike, $800 on mine) and I saved off my taxes..





wait for it.....











$116 woohoo!!!
 
Doesn't mean anything for me, I live in Texas. In Texas, we can already deduct our sales tax from our federal return. I save a lot this year on taxes because I bought my Busa and the wife a car in 2008.
 
ok ...

tax credits are good I think, they reward the spender and make it more likely they will do so..

Sure, small tax credits for small purchases but ignore "capital gains" tax which would stimulate the stock market, growth and manufacturing.

But gee, if we did that we can't dangle another worm in front of these tax payers.

I call this a Bogus Sighting!

r8
 
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Ok I ran the numbers for my last years return (just adjust your gross income by sales tax/excise tax on bike, $800 on mine) and I saved off my taxes..





wait for it.....











$116 woohoo!!!

Hey, you get a 13 dollar a week raise! (it goes to 8 bucks next year)

r8
 
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