It's a wonderful time of the year - for buying a new car. Now is the time to take advantage of fat rebates, excellent financing and an enticing federal tax break for buyers which is set to expire Friday, January 1, 2010. State and local sales and excise taxes on new vehicle purchases from February 16 to New Year's Day are deductible on 2009 Federal Income Taxes. Buyers can write off the taxes paid on the first $49,500.00 spent for a new car, light truck, motorcycle or motor home, potentially saving themselves thousands of dollars, depending on their tax bracket.
