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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Review Our Directory for Ca State Board Of Equalization Betty Lee
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Our Best Web Links For Ca State Board Of Equalization Betty Lee
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1. Evan Low for Campbell City Council
... CA Assemblymember Betty Yee California State Board of Equalization John Chiang Chair, California State ... elect, Santa Clara County Board of Education Liz Kniss Santa ... Mayor, City of Cupertino Otto Lee Vice Mayor, City of Sunnyvale ...
http://www.evanlow.com/?g ...ada5b80c78a0e1c80d71f |
2. Gay Asian Pacific Alliance (GAPA)
... Betty Yee CA State Board of Equalization Candidate ... State of California. Betty is sincere and sweet ... and experienced in the State representing millions ... of Hayward, Gilbert Lee, Asian & Pacific ...
http://www.gapa.org/Home/frames/main_frame.html |
3. San Francisco Democratic Party
... 3013, Fax 557-3015 State Capitol ... Betty Yee Board of Equalization, 455 ... 3000 F 577-0287, betty.yee@boe.ca.gov ... 21st St Sacramento CA 95814, 415-749 ... 12th AD Chair, CDP, Lee Ann Prifti, 300 ...
http://www.sfdemocrats.org/sfd/membership.html |
4. http://www.centerfortaxstudies.com/tax-books/bookpages/all-books.ca
... Test Birth to Three Years and Three to Six Years Betty Capt and Kristie Pretti-Frontczak and Diane ... ... Company) CDN$ 92.96 Chinese Economy in Crisis: State Capacity and Tax Reform, The Shaoguang Wang and ...
http://www.centerfortaxst ...ookpages/all-books.ca |
5. B.A.R. Election Endorsements : Indybay
... Board of Equalization (District 1): Betty Yee ... John Laird (Santa Cruz) State Assembly (Southern ... Dist. 45: Kevin DeLeon CA Supreme Court Associate ... Miller Dist. 9: Barbara Lee Dist. 10: Ellen ...
http://www.indybay.org/ne ...06/10/18/18321214.php |
6. Key Contests
... Wen Ho Lee Hall of Shame ... Ron Menor (D) (state senator ... Press Democrat Betty Yee (D) Candidate ... California Board of Equalization ... Republican primary CA Secretary of State ...
http://www.asianam.org/key.htm |
7. Leland Yee For State Senate
... Board of Equalization Member Betty Yee San ... Daly City School Board Member Joseph Keh ... of San Francisco State University Gay ... Steven J Lee Tomas Lee Vitus Leung Ed ... Rights | Clean CA | Issues | About ...
http://www.lelandyee.com/endorsers.html |
8. Incumbents
... D - WI Walter C. Lee, State Board of ... the State Board of Equalization - First District, D - CA Thomas Miller, Attorney ... State Board of Education Member - District Five, R - TX Betty ...
http://politicsnationwide.com/profiles.asp?ID=29 |
9. Asian Pacific Islander Leaders
... and Advocates CA Democratic Party ... Nominee for State Controller Board ... Member Betty Yee ... for Board of Equalization ... City of Irvine Otto Lee, Vice Mayor, City ...
http://angelides.com/endo ...ts/Asian_Pacific.html |
10. Mort Family Research History Genealogy Newsletter 2003 Donald Gradeless
... MORTS, Robert Lee; 70; Columbia ... KS>Yreka CA; Siskiyou D-N ... of the Board's Air ... the equalization formula ... the New York State School Boards ... of John Paul & Betty Mort, born 23 ...
http://mort.gradeless.com/mort_03.htm |
11. National Rifle Association | Political Victory Fund
... mean BOARD OF EQUALIZATION 1 (R ... A- (D) *BARBARA LEE F District 10 (R ... A. JACKSON A (D) *BETTY KARNETTE F ... in this year' s state elections.) Your ... in your area.) CA-001 Ron Babcock ...
http://www.nrapvf.com/ele ...s/State.aspx?State=CA |
12. Campaign 2006 Fred's Left Coast Recommendations
... aliens along with a CA drivers license ... of Page BOARD OF EQUALIZATION 1 (R ... JACKSON Yes (D) *BETTY KARNETTE No ... to Top of Page State Senate District 2 ... Yes (D) *BARBARA LEE No for the ...
http://www.fredhoot.com/politics2006.htm |
13. California Olive Oil News - January - February 2002
... ormer Chrysler head Lee Iacocca came out ... label. Board of Equalization Broadens ... Hotel in Napa, CA $185.00 per person ... 2002 by Bal}kesir State University in Bal ... yahoo.com July Betty Pustarfi presents ...
http://www.oliveoilsource.com/olivenews5-1.htm |
14. Order list (MONDAY, OCTOBER 3, 2005)
... V. AL SEC. COMM'N, ET AL. 04-1577 LARA, BRIAN V. STATE FARM FIRE & CASUALTY CO. 04-1578 SALAZAR, JOHN ... ... 04-1591 PRIMEGUARD INS. CO., ET AL. V. GARAMENDI, CA INS. COMM'R 04-1592 THABAULT, LOUIS W. V ...
http://www.law.cornell.ed .../html/100305.ZOR.html |
15. VIAW : Voters Injured at Work.org.
... Boxer and Barbara Lee rally to take back ... Room Oakland , CA 11/3/2006 Join ... Bowen, Secretary of State Proposition 1D: YES ... 84: YES Betty Yee, Board of Equalization ...
http://www.viaw.org/board.php?b_code=blog&c=list |
16. Our Campaigns Home Page
... Jun 06, 2006 CA Board of Equalization - District 1 ... Hare Phil Fisher Lee Barton Joe L. Kohlhoff ... David Weingust John State Mark Wingerter Richard ... Buren Jason Folliard Betty Tolby Quentin Roberts ...
http://www.ourcampaigns.c ...-bin/r.cgi/index.html |
17. CLCV Environmental Endorsements: California 2006 General Election
... Pelosi none WIN CD 9 Barbara Lee website WIN CD 10 Ellen ... Board of Equalization District Endorsement Website Results District 1 Betty ... locations on the Secretary of State's website (selected counties ...
http://www.ecovote.org/endorse/ |
18. Late Payment Penalties Paid by State Agencies - Fiscal Year 2002-2003
... search scope My CA This Site Late ... to DGS Equalization, Board of ... Office of Sally Lee 916-445-9712 7 ... Defender, State Pat Ford, DGS ... Relations Board ... Department of Betty Jong 916-263 ...
http://www.pd.dgs.ca.gov/promptpay/AnnualRpt03.htm |
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