April 24th, 2010
I purchased a new car and was informed that i could deduct the sales tax. Filed my return but my preparer said that the standard deduction was greater than the sales tax of the vehicle so it didnt make sense to itemized it. I thought this tax deduction was in addition to the standard deduction?
April 13th, 2010
Hi, I’m a private contractor trying to do my taxes for the first time. I was wondering, under the itemized deductions, do I enter in the full price that I paid including the sales tax? Or should I just enter in the retail price without the sales tax?
For example, if the sticker price at the store was 0, should I itemize 0 or should I itemize 7? Thanks!
(Just to clarify…100 + 7% sales tax = 7)
April 12th, 2010
I’ve heard that when filing a 1099 you can also deduct state and local taxes, if this is true does this include all taxes paid on retail purchases, groceries, entertainment, etc…? Please answer in detail with all possible deductions. Thanks in advance.
To clarify, I guess I’m asking if "sales tax" are deductible.
April 6th, 2010
Example – if I deduct office supplies for my business, do i deduct the cost of the supply including the sales tax on it too?
April 1st, 2010
I know that if you make big purchases, like a car or home, that you can deduct the sales tax. Is there a price on what defines a "large purchase"? Also, does it matter that the large purchases are financed? What sort of proof would you need to provide?
April 1st, 2010
I heard that if you save all of your reciepts throughout the year, and the sales tax is 00 or more, you can get a deduction on your tax return. Is this true, and are there any restrictions on what you purchase?
March 22nd, 2010
I am 24 and will be filing jointly with my wife. We have no house, kids or major deductions. We live in Texas which has no state income tax. Is it worth it to itemize our deductions just so we can claim state sales tax?
March 21st, 2010
I have an online company based out of SC and I prepare my sales tax remittance myself. I obviously only pay sales tax for SC orders; however, I was wondering if there were any credits or deductions I was unaware of.
Thanks,
March 14th, 2010
On my taxes this year, I have noted the mortgage interest, the property taxes, and of course claimed an existing homeowner tax credit through our state taxes (we’re not first-time buyers).
What about other deductions? Isn’t a home a big-ticket item that could be used on the sales tax portion? (The closing costs seemed to be alot of fees, but not many "taxes") Any ideas?
Thanks!
February 17th, 2010
I would like to know if an income tax filer can claim the sales taxes paid on monthly utility bills for the state sales tax deductions for income tax?