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Read the ‘fine print’ on new car deductions

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in Small Business Tax,Small Business Tax Deduction Strategies

Under the new economic stimulus law—the American Recovery and Reinvestment Act of 2009—you can deduct state and local taxes paid to purchase a new vehicle. The rules seem straightforward enough, but watch out for a few interesting twists and turns. Strategy: Do the tax homework before you buy a new set of wheels.

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