Sentences with phrase «actual sales tax receipts»

Not exact matches

For the state and local sales tax deduction, you can either use your actual expenses (via saved receipts) or the «optional sales tax tables» provided by the IRS.

Also note that the instructions for Schedule A state that you should keep your actual receipts showing general sales taxes paid to take the 5b deduction — I take that to mean you should keep your receipts of paid use taxes as well.

The IRS allows you to either (1) use your actual sales taxes (as documented by keeping receipts) OR (2) use a table based approach where you lookup a spending amount by income level, and then apply your state / local rate to get an imputed amount of sales tax to deduct.

If you are highly organized and keep track of your sales receipts, you can enter your actual state and local general sales tax expenses onto Schedule A.