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Irs Offers Free State Sales Tax Deduction Calculator
By Richard A. Chapo
If you itemize your deductions, you may be in for a windfall on this years tax. Yep, Congress has renewed the optional sales tax deduction. Of course, you have to figure it out.
If you itemize your tax deductions, you already know that you can claim a deduction for the total state income taxes you paid during the year. Depending on your state, that can be a very large tax deduction. But what if you live in a state that doesn’t collect income taxes? For the last couple of years, you could claim a deduction for the total state and local sales tax you paid on your purchases. In fact, you can do this regardless of whether you live in a state that collects income tax or not.
The state sales tax
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Spring artichoke harvest beginsWet fields slow planting and harvestingMoth quarantine announcedAsian citrus psyllid battle continues
deduction was set to expire at the end of the fiscal 2005 year. At the last minute, Congress renewed it. All and all, this is great news. One problem does exist, however. You need to figure out which deduction is going to be bigger, you state income tax or sales tax deduction. Well, the IRS is here to offer a bit of help. The IRS has an excellent website. Yes, I am shocked to. Regardless, the agency is offering a free sales tax deduction calculator on the site. The beauty of the calculator is it already has the state and local sales tax rates built into the database. As a result, you don’t have to go hunt and peck for them. People are often leery whenever the IRS offers anything free. In truth, the IRS has become much friendlier the last few years, just don’t ask someone being audited. Regardless, you can use the sales tax calculator without fear. All information is anonymous. The IRS records nothing regarding your personal information. They don’t even ask for it. In short, using it will not come back to haunt you! If you itemize, it is in your best interest to determine whether the sales or income tax deduction will save you more money. Now you can use the free calculator provided by the IRS to make the determination quicker. Article Source: http://www.Article-Warehouse.com Richard A. Chapo is with BusinessTaxRecovery.com - providing information on getting help with your taxes.
Here are some more estate planning articles...
Get Ready To Overpay Your Taxes...again
By Drew Miles
Each year, millions of Americans severely overpay their taxes. Are you one of them? Chances are if you are still working on the W-2 tax system, you are! Many people don't realize, but there are two Read more...
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Real-estate-seo
By Optitrex
In this current economy, businesses of all sizes, types, and specialties have been impacted both in their sales and in profits due to the sheer number of businesses that offer the same products. Only Read more...
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Buying Real Estate Foreclosures Means Making Smart Investments
Real estate foreclosures or bank owned properties are one of the top categories in the foreclosures real estate market. If you are searching for an opportunity to break into the real estate industry Read more...
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Options For Preparing Your Taxes
By Gray Rollins
When tax season rolls around each year the are a number of individuals who need to decide how their tax returns will be prepared and filed. Each taxpayer has a number of tax preparation options. Read more...
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<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P>
<P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.) will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P>
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The strategy for protection and disposal of one's assets at death. Includes writing a will, establishing trusts, naming an executor, etc.
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