Corrections and clarifications.
Further regulations have clarified the New Vehicle Deduction covered in the article "Ohio's piece of the pie: How the Economic Recovery Act affects you" from the May/June issue of Catalyst. Taxpayers and preparers need to consider the following RIA observation:
Taxpayers who have qualified motor vehicle taxes for 2009 will have to determine which deduction maximizes their tax benefit for 2009:
(i) A standard deduction that includes qualified motor vehicle taxes (see [paragraph] A-2812),
(ii) An itemized deduction for state and local income taxes, plus a separate itemized deduction for qualified motor vehicle taxes (above and [paragraph] K-4518 et seq.), or
(iii) An itemized deduction for state and local general sales taxes claimed in lieu of the itemized deduction for state and local income taxes (see [paragraph] K-4510 et seq.).
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|Publication:||Catalyst (Dublin, Ohio)|
|Article Type:||Correction notice|
|Date:||Jul 1, 2009|
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