Grab a tax-free break for your old ‘clunker’ trade-in — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Grab a tax-free break for your old ‘clunker’ trade-in

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Are you thinking about buying a new vehicle for the family? Do we have a deal for you!

Trade in your old gas-guzzler for a more fuel-efficient model. Under the new “cash for clunkers” law, you can rake in a tax-free discount worth thousands of dollars on the trade-in.

This new program, the Car Allowance Rebate System (CARS), went into effect July 1, but dealers weren’t ready to pull the trigger on deals until the end of the month.

If a trade-in makes sense for you, don’t delay. Under the current law, tax-free discounts are available only before Nov. 1.

Here’s the whole story: You must meet certain requirements to qualify for the new break. For starters, your “clunker” can’t be more than 25 years old. Also, you must be the owner and have insured and registered the vehicle for at least one year before the trade-in. So you can’t benefit from the new law if you buy an old clunker and then try to flip it fo...(register to read more)

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