I have to have a $25,000 surgery not covered by insurance. I'm thinking of cashing out my 401K and someone told me that you can do it tax free for medical bills. Is this true? Additional ...
Doing so would allow more veterans to own a home of their own!
Honorably dischaged veterans who have made it out of combat, broken but alive, deserve a complete exemption from property taxes ...
ok in 2006 i worked at mcdonalds for a year and a half and i never filed my w2 and then it got lost. i want to go ahead and file it this year so i went to my employer and they said they are a "...
I know its a little late this year, but a friend told me I should file because of the EIC. But if I did not work, do I still qualify?
I do recieve child support from one child's father. D...
I watched a 15 month old baby for 2 months. I quit due to an incident and now she wants to turn in the money she paid me to the IRS. She never mentioned this before I took the job. Besides I thought I...
i have earned 80000 this year from short term capital gains i.e, from shares and i am a student and i dont have any other source of income so please tell me weather i will have to pay any tax or ...
I recently started a small online business as a writer/editor, and I have a client overseas who wants me to take over his company's copywriting duties. I've done one project for him and was ...
If you are talking about the sales tax you paid on purchasing a new car, then yes you can. If you itemize, you have the option to choose to either itemize the state income tax you paid, or the state sales tax you paid, but not both.
If, when you register the car, the registration fees that you pay to the state incorporates a personal property tax, then the portion of the registration fee that represents the property tax is also tax deductible.
gls_merch
If you are an itemizer you can deduct your total sales taxes paid or your state income taxes. If you happen to live in state that has no state income tax it could be to your benefit to take the sales tax deduction. However, I believe this deduction is due to sunset (unless Congress renews) either this year or next year.
wendyd1999
If you file Schedule A you have the option of deducting sales tax or income tax paid to the state. You may want to consult with a professional about your individual situation.
Rick P
Yes, I did it yesterday.
You can deduct taxes paid on any "major purchase."
HOWEVER... I could be wrong, but I think you can either elect to have your tax refund to reflect your income tax or your sales tax... so you'd just want to go with whichever gives you the biggest refund.
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