
- Nov30 2004
- Volume 11
- Issue 22
Sales Taxes Deductible
The
catch:
While primarily aimed at corporations,the new tax law recently signedby President Bush gives individuals atax break by restoring the federalincome tax deduction for state andlocal sales taxes, which had been off limitas write-offs since 1986. Taxpayers can write off salestaxes or state income taxes, but notboth. That means the primary beneficiaries of the new rules will be residentsof states that have sales taxes but noincome tax, a list that includes Florida,Texas, and Wyoming. Some tax expertsalso note that taxpayers in low incometax but high sales tax states could alsobenefit if they make several big-ticketpurchases during the year. Residents ofAlaska and New Hampshire, whichdon't have sales or income taxes, won'tbenefit at all.
Articles in this issue
almost 18 years ago
Check Your Creditalmost 18 years ago
Female Millionairesalmost 18 years ago
The Cadillac CDalmost 18 years ago
Risky Investments?almost 18 years ago
Doc's Tax Dodges Probedalmost 18 years ago
Thumbs Up: The IRS: On Your Side?almost 18 years ago
Thumbs Down: They Have Some Nervealmost 18 years ago
Reading Room: There for the Takingalmost 18 years ago
That's Entertainmentalmost 18 years ago
Living a Lot Longer





































































