Home Page link  

sales tax deduction

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
sales tax deduction davidmetzger0 12-10-2006
Posted by Herb Smith on December 12, 2006, 2:15 am
Please log in for more thread options
 davidmetzger0@gmail.com wrote:

> Is this only for the states who don't have Income taxes or
> can I take it because I don't pay state income taxes as my
> deductions make a 0 balance?

If your standard or itemized deductions already reduce your
taxable income to zero or less, an additional deduction for
sales taxes will not provide you any additional benefit or
refund.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Seth Breidbart on December 13, 2006, 10:38 pm
Please log in for more thread options
>> Is this only for the states who don't have Income taxes or
>> can I take it because I don't pay state income taxes as my
>> deductions make a 0 balance?

> If your standard or itemized deductions already reduce your
> taxable income to zero or less, an additional deduction for
> sales taxes will not provide you any additional benefit or
> refund.

It seems to me that his _state_ taxable income is 0, but his
Federal can still be higher. (Consider someone who owns a
lot of Treasuries.)

Seth

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Katie on December 12, 2006, 2:15 am
Please log in for more thread options
davidmetzger0@gmail.com wrote:

> Is this only for the states who don't have Income taxes or
> can I take it because I don't pay state income taxes as my
> deductions make a 0 balance?

Everybody has the choice. It doesn't matter what state you
live in.

The optional sales tax deduction was extended to years
beginning before 2008 by the Tax Relief and Health Care Tax
Act of 2006.

Katie in San Diego

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Katie on December 12, 2006, 2:34 am
Please log in for more thread options
davidmetzger0@gmail.com wrote:

> Is this only for the states who don't have Income taxes or
> can I take it because I don't pay state income taxes as my
> deductions make a 0 balance?

P.S. Of course, this is assuming the President signs the
bill -- which all indications are that he will.

Katie in San Diego

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by JB on December 12, 2006, 2:34 am
Please log in for more thread options

> Is this only for the states who don't have Income taxes or
> can I take it because I don't pay state income taxes as my
> deductions make a 0 balance?

Whichever is higher. Don't forget the new car, boat or
plane.

Jeff Berk

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Similar ThreadsPosted
Sales tax deduction for major purchase March 24, 2008, 7:15 pm
Internet sales and local sales tax December 5, 2006, 4:46 pm
2nd try - How much sales tax? January 11, 2008, 12:32 pm
Sales/Use Tax to Which State? May 5, 2007, 6:36 am
Anyone know MA state sales tax laws? January 13, 2007, 1:53 am
Sales tax on condo purchase? February 13, 2007, 6:00 pm
State Income Tax vs Sales Tax February 17, 2007, 5:36 am
sales tax software suggesions? February 18, 2007, 2:53 pm
What's the Sales Price on a Foreclosure? March 28, 2007, 6:13 pm
Stock sales: FIFO or not? March 31, 2007, 10:15 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap