Taxes – US sales tax
Tax time is just around the corner, and it is time to
start planning. Obviously, you want to organize your
finances to lower your taxes as much as possible.
Fortunately, the government has given you a great new
way to potentially lower your federal taxes. You now
have the opportunity to claim your state sales tax to
lower your taxable income on your federal tax return.
Have you always been able to deduct your sales tax in
the US?
While the ability to write off the amounts you paid in
state sales tax was formerly available when paying your
US income tax, it was taken off the books by Congress in
the Tax Reform Act of 1986. When you are preparing your
2006 deductions, it is important to realize that the
sales tax deduction is back. Depending on where you live
in the US and your specific circumstances, this could
result in big savings.
Should you deduct your state income tax or state sales
tax?
When faced with filling in your US tax forms, the
simplest method is always to take the pre-determined
deductions. The IRS will, based on your filling state
and income level, give you the option of just choosing a
pre-determined deduction from your taxable income. The
IRS reports that most people simply chose the
pre-determined number – as many as 66% of all tax payers
take the easy way out. And of course, for some people
the pre-determined numbers will be the best option for
them. For many others, however, they will take the
pre-determined numbers for the sake of simplicity. Well,
if you have always taken the easy route just for the
sake of simplicity, it is time to rethink your tax
filing practices.
If you forgo the pre-determined calculation and choose
to itemize your deductions, you can now decide if you
want to deduct your state income tax or your state sales
tax. This is significant to the amount of money you end
up paying. It will be particularly significant if you
live in one of the few states - Tennessee, Florida,
Wyoming, Washington South Dakota, Texas, and Nevada –
where there is no state income tax. Previously,
residents of these states could not claim any state tax
exemption. Thanks to the new rules, residents of these
states can now claim their state sales tax to reduce
their taxable income on their US tax forms.
Even if you are a zealous record keeper, and have a
receipt for every single purchase you made where you
paid sales tax, you will still likely be better off
choosing to deduct your state income tax – the fact is,
you likely will just not have paid enough in sales tax.
However, if you have made some significant purchases –
such as a car, a boat, an airplane, luxury items or a
major event such as a wedding – the sales tax you paid
last year could be more than you paid in state income
taxes.
Planning ahead
In order to considering using this exciting deduction
option, the key is to keep yourself prepared throughout
the year. Make sure you hold on to receipts for your big
ticket items, and resist the urge to take the easy way
out come tax time. If you have paid a lot of state sales
tax in the US, you could be paying less income tax at
tax time.
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