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December 27, 2005
Sales tax deduction
Since it is getting close to the end of the year I have been double checking to make sure that I have my finances in order for tax season. I recalled seeing an article at some point discussing the deduction of state sales tax. IRS publication 600 is what I had been thinking of. Obviously, I give absolutely no tax advice to anyone and you should read it yourself, but you basically have the option of deduction state income tax or state sales tax. This is particularly of interest to me because WA is a state which does not have state income tax. This may or may not be of use to people in states with state income tax, but it all depends on the person. It is probably worth reading the details and deciding which the better option is. I know it sounds difficult to calculate the amount of sales tax spent, but it is not always necessary to itemize.
Maybe this is common knowledge, but I suspect that it is something that should be common knowledge, but is not.
Posted by layla at December 27, 2005 8:57 PM