You need to know how the new car tax credit works in order to get it. Once you have known how the it works, you can follow some of the steps here to receive the tax credit. It helps you to save some money if you purchase a car under $49,500 and your family gross income is less than $135,000. However, it helps nothing if you purchase luxury cars or exotic cars.

It works for any new cars purchased in between February 17, 2009 and December 31, 2009. It may be far from now but you are still able to receive the tax credit. Any kind of cars is qualified for this tax credit as long as it is brand new. However, do note that the purchased price of the new cars or new vehicles must not be over $49,500. If the car price is over $49,500, you are eligible to claim a maximum of tax deduction only base on $49,500.

Now is the qualifying income, if you are rich, you are definitely out of the tax credit scheme. $125,000 for individuals and $250,000 for couples is what makes you qualified.

How to receive new car tax credit

Step 1: Check if you are eligible for 2009 new car tax credit. All the qualifications are stated above.

Step 2: Claim your new car tax credit when you file your 2009 Federal taxes. It will reduce your taxable income. There are a lot of things to fill in on your 2009 tax forms.

Step 3: You will just have to wait for your claim after you have submitted the claim form.

In conclusion, do calculate if it is worth to buy a new car and get the little claim. In many cases, buying a used cars are more worth than buy a new car if it is not necessary for you. However, if you have already purchased a new car, it is pretty simple for 2009 new car tax credit.