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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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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...
Top 6 Best Tax Tips For Online Education
By Bryan Wong
2007-02-12 Just like many facets of life, you can save money and earn money back on your online education by utilizing these tax tips: Read more...
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Overview Of The Almighty Tax Deduction For Small Businesses
By Richard A. Chapo
Taxes are the great bane of most businesses. Alas, tax deductions act as a salve to cool the burning and itching of your bank account. The tax system in the United States is an undeniable Read more...
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Finding Someone To Prepare Your Taxes
By Richard A. Chapo
The tax code and regulations are incredibly complex, but you are assumed to know and understand them all. How scary is that? Unless you have a very simple tax situation, professional help is the way Read more...
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Make Your Accountant Your Best Friend
By Richard A. Chapo
Many people just assume their accountant will cut their taxes as much as possible. To get the biggest benefit from them, you need to be a bit more proactive. Make Your Accountant Your Best Read more...
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Beware of Payday Loans
<p>When times are tough and you're looking for any financial help you can get, it's only natural to start thinking about some alternative forms of financing. While payday loans and cash advances can really help you in a bind, it's important you really understand what you're getting yourself into. It's quite possible to find yourself digging an even deeper hole while attempting to just get through a few rough weeks. So, before jumping into a <a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/od/creditdebtmanagement/a/Payday-Loans-Are-Dangerous.htm">payday loan</a> take a few minutes to learn how they work, what they really cost, and what alternatives you may have available.</p><p style="background:#f5f3ef;border:1px solid #d5d0bf;clear:both;padding:.5em;"><a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/b/2010/08/31/beware-of-payday-loans.htm">Beware of Payday Loans</a> originally appeared on <a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/">About.com Financial Planning</a> on Tuesday, August 31st, 2010 at 19:31:37.</p><p><a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/b/2010/08/31/beware-of-payday-loans.htm">Permalink</a> | <a href="http://clk.about.com/?zi=1/1hc&zu=http://financialplan.about.com/b/2010/08/31/beware-of-payday-loans.htm#gB3">Comment</a> | <a href="http://financialplan.about.com/gi/pages/shareurl.htm?PG=http://financialplan.about.com/b/2010/08/31/beware-of-payday-loans.htm&zItl=Beware of Payday Loans">Email this</a></p>
<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>
<P><FONT size=2></FONT> </P>
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Arranging to make sure your assets pass to those who you want to have them after your death.
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