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Ford bests Toyota & other auto/tax news

May 2, 2009

Well, here's an unexpected bright spot for U.S. automakers:
Ford outsold Toyota for the first time in at least a year.

Of course, the rest of the story isn't really that that positive. The American automaker didn't best its Japanese counterpart. Rather, Ford didn't have as big a drop-off in sales as Toyota.

But, hey, any straw for an industry that's grasping.

Toyota saw a 42 percent decline in April, while Ford's U.S. sales fell "just" 32 percent. Meanwhile, the country's top-selling car maker, General Motors Corp., reported a 33 percent drop.

Bankruptcy bargains: Meanwhile, Chrysler is now dealing with bankruptcy. That might be why a Chrysler Dodge dealer in Spring, a Houston suburb, is offering 45 percent off all Dodge Ram trucks.

If you don't live in the Houston area, other Chrysler dealers across the country might be using the same price-cut approach to get auto buyers to at least take a look. If you're a decent haggler, you could drive off with a half-price new truck. When's the last time anyone was able to say that?

Lower price plus tax breaks: There's no 2009 Ram truck on the IRS list of vehicles eligible for the hybrid tax break. However, this year's Chrysler Aspen and Dodge Durango hybrids will each get buyers a $2,200 tax credit. 

Those vehicles are just part of a decent-sized group of 2009 hybrids from a variety of automakers that could pay off for purchasers at tax time.

A quick note about the IRS hybrid list referenced in the previous paragraph. That list was dated March 19. Although it doesn't say so, it looks to be for use when filing 2008 returns. The reason I suspect that is because Honda hybrids purchased in 2009 are no longer eligible for the tax credit. This year marked the complete phaseout of that automaker's hybrid credit. But if you bought a 2009 model last year, you can claim the final, lowest credit amount on your 2008 return, which you might be filing as late as Oct. 15 if you got an extension.

Many other makes and models, however, could still provide you with a tax credit. And that's in addition to the just-enacted sales tax deduction for new car purchases. Not a bad doubling up of tax savings.

Doing the racing double: Speaking of doubling up, my May racing column discusses why NASCAR drivers should be part of two races on the Sunday of Memorial Day weekend. 

You can check out why this fendered/open wheel option needs to return in "Doing Double Duty" in my Truckers News'  Views from the Grandstands column.

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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