Not a problem to me. Maybe the citizens of the several States could get their respective legislatures in order.
Hugh? I hope it's hugh enough to include those states that DO have an income tax. How will you be able to take the deduction? Will you have to save every single receipt?
My question exactly! How do I account for the deduction?
Not a problem to me. Maybe the citizens of the several States could get their respective legislatures in order.
According to the Senator, you can fill the shoe boxes with reciepts or take a standard deduction that will be set by the IRS.
For those paying Federal taxes...cars,rv's,boats,tv's, etc. just became 6-8% cheaper.
Tax tables.
For all of you not old enough to remember. You can take the deduction in one of three ways. We got this deduction years ago.
1. Keep track of all your purchases.
2. Use the chart which gives you an average.
3. Use the chart and add auto and other large purchases.
I'm willing to fill that shoebox to save the bucks. But then it will probably be deductable if the sales tax excedes 25% of your income.
Going back years when it was a deduction they had presumed sales tax "tables" based on income brackets
Yes. You would have to save every receipt. My mom used to do it, and keep them all organized like a good little OCD'er. She had a friend who kept them all in a garbage bag, and when she got audited one year and the auditor questioned her sales tax deduction, she went in to see the IRS auditor and dumped the contents of the bag out on his desk. He caved.
The package also provides benefits for a wide range of groups, from native Alaskan whalers, importers of Chinese ceiling fans, NASCAR race track owners and residents of states without state income taxes, who would be able to deduct state and local sales taxes from their federal tax returns.
