Sales Taxes Killer Dedcutions You Can Use
Sales Taxes Can Be Used As A Deduction As Explained By Joe Mastriano, CPA.
State and local sales taxes are tax deductible for 2005 through 2009.If you decide to claim an itemized deduction for your sales taxes, you cannot deduct you state and local income taxes. The IRS gives you the option to choose between deducting your income taxes and deducting your sales taxes.
Sales Tax Deduction
If you live in a state with low income or no income taxes (like Texas, Alaska, Nevada, Tennessee and few more others), it is to your benefit to claim sales tax deduction.You may be able to deduct sales taxes for the purchase of a new qualified motor vehicle, beginning with February 2009.You can claim these taxes on Form 1040 as an addition to your standard deduction. You can also deduct these taxes using Schedule A, if you choose to itemize your deductions.