By Amir Dabiri - January 20, 2014
Effective December 15, 2013, up to $2,000 of trade allowance is exempt from sales tax. This will provide a sales tax reduction up to $120 for purchasers in 2014. The exemption limit will increase by an additional $500 each year, beginning January 1, 2015. The trade-in must be used as a reduction of the purchase price of a new or used motor vehicle, and that value is to be separately stated on the bill of sale provided to the purchaser. This also brings a change of disclosure on the RD-108 form and a new RD-108T form is provided. Please contact Deal Pack support at 1-800-526-5832 if you have any questions and to ensure your set up is in compliance for this new rule.
ABCoA is a Software-as-a-Service company dedicated to the subprime industry. Our cloud-native ecosystem handles every part of business operations - improving productivity, security and accuracy, while consolidating vendors and reducing costs.
Since 1983, ABCoA has helped buy here pay here used car dealerships and subprime finance companies eliminate duplication, remain compliant, and achieve success with complete, customer-driven software and dependable support. Customers properly using Deal Pack have never lost an IRS audit.
Recently awarded Top Online Accounting Software for Deal Pack, ABCoA continuously elevates the standard for software in the subprime industry and helps customers grow through our commitment to quality, innovation, and service. Headquartered in Jacksonville, Florida with employees across four states, we remain family-owned and operated.
To learn more about ABCoA, visit www.abcoa.com.
Request a Demo