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While we wait for the Cash-for-Clunkers bill to come out on the other side of Congress, there's already incentives available from the government that you can take advantage of when purchasing a new car. The main one is deducting the fees and taxes paid on a new car in next year's tax returns. Previously this tax deduction was available only in states that used a sales tax, but the U.S. Treasury announced this week that it would be extended to states without a sales tax like Alaska, Delaware, Haw

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One of the interesting tidbits revealed by President Obama during Monday's press conference on the auto industry was the announcement of a tax deduction for sales tax on new vehicle purchases. Later in the day, the Internal Revenue Service made the money saving incentive official and fleshed out some of the finer points.

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