Ask a Tax Question - Sales Tax Deduction
Tax This!: An Insider's Guide to Standing Up to the IRS
by Scott Estill

Tax This! An Insider's Guide to Standing Up to the IRS, is just that. It provides the insight of an insider that will help you stand up to the IRS in any situation. Little known facts and difficult to conceive strategies are revealed that will help any target of the IRS deal effectively with them or help prevent you from becoming their target.

Author Scott Estill discloses all the rights, which are many, that citizens have when confronted with a problem involving the IRS. He gives an insider's look at the culture, attitudes, and seemingly out of control bureaucracy that prevails inside the IRS and prepares you to deal with the IRS at that level also. His information is backed up by references to the Internal Revenue Code, Congressional Law, and established judicial decisions.

Tax This also provides clear examples of completed IRS forms, which are many and varied. Overall, this is an informative, easy read for someone like me with little knowledge of the IRS. It will hold your interest even if the IRS isn't breathing down your neck and may be invaluable if they are.

     

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Ask a Tax Question - Sales Tax Deduction
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How Can Sales Tax Save You Money?   
Steve Dolan

It's that time of the year again... tax time! It may not be one of the more enjoyable times of the year, but it is definitely one of the more important dates on the calendar.

Hopefully, you have listened to all the advice and have started planning in advance. If so, you probably already know that the government has introduced a new way for you to lower your federal taxes, maybe even dramatically lower your taxes; you now have the choice to claim your state sales tax to lower your taxable income on your federal tax return.

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Keith Bulluck Of Tennessee Titans Funds Scholarships In Honor Of Steve McNair (ESPN)
Titans linebacker Keith Bulluck has awarded nine Middle Tennessee high school football players scholarships in honor of his late teammate, Steve McNair.

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Deducting your sales tax in the US


While you used to be able to deduct amounts paid in state sales tax, Congress took it off the books in the Tax Reform Act of 1986. Thanks, Congress. Fortunately, it is now back. Depending on your specific circumstances and where you live in the US, this could be extremely important for your tax planning.

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Undergrad Scholarships For NRIs, PIOs (The Times Of India)
New Delhi has announced scholarships for the Indian diaspora for undergraduate studies in India during 2010-11.

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Deducting your state income tax vs. state sales tax


The change in the law means you now have the choice between deducting your state income tax vs. your state sales tax. No matter what you choose, however, you have to first decide to itemize your deductions. Instead of going through the process of itemizing your deductions, the IRS gives you the opportunity to take a pre-determined deduction from your taxable income, based on your income level and state of residence. According to the IRS, most people will simply chose the pre-determined number - as many as 66% of all tax payers take the easy way out. For some people, the pre-determined numbers is going to be the better choice. A lot of the people who choose the pre-determined deductions, however, are doing so for the sake of simplicity. Plan ahead and make sure you are picking the best option before signing on for the pre-determined deductions.


The ability to deduct amounts paid in state sales tax could significantly lower the amount of money you end up paying in income tax, or at least lower than what you would pay under the pre-determined deductions. This ability is particularly important if you live in one of the few states - Wyoming, Washington South Dakota, Tennessee, Florida, Texas and Nevada - where there is no state income tax. Previously, if you were a resident of this state you could not claim any state tax deductions. Now, thanks to the new rules, if you are a resident of one of these lucky states you can now claim their state sales tax to reduce their taxable income on their US tax forms. When will you be better off deducting your state sales tax? If you have made any significant purchases - such as a car, a boat, an airplane, luxury items or major events such as a wedding - the sales tax you paid last year could be more than you paid in state income taxes.


Save your receipts!


The most important thing to get your finances in order is to start planning for tax time now. The ability to deduct amounts paid for state sales tax will only be useful if you have the receipts to back your itemizations up. Make sure you hold on to receipts for your expensive items, and fight the natural instinct to take the easy way out and select the pre-determined deduction. If you have paid a lot of state sales tax in the US, this is your chance to pay less tax to the federal government.



Steve Dolan has the good fortune to be married to a CPA so out of death and taxes he has one covered. Find out about sales tax issues at Sales Tax and Save Taxes and for general tax info go to Tax and Taxes

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