June 17, 2009 12:00 am

Deduction for Taxes on New Car Purchases in States with No Sales Tax

The American Recovery and Reinvestment Act of 2009 created a new deduction for state and local sales and excise taxes paid on the purchase of a new motor vehicle. But what if you live in Alaska, Delaware, Hawaii, Montana, New Hampshire, and Oregon,

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Tax Glossary

Health savings account

For calendar year 2007, taxpayers covered by an HDHP may contribute up to the lesser of the annual deductible or $2,850 ($5,650 for family coverage).

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