Sentences with phrase «local sales taxes instead»

However, you can still choose to deduct state and local sales taxes instead of state and local income taxes.»

Some other tax issues for this year that are still up for grabs include: deducting state and local sales taxes instead of state income taxes, the classroom teacher deduction of $ 250, allowing senior citizens to transfer IRS funds to charity tax free, the tuition and fees deduction for college expenses, and a whole host of business related tax incentives.

In order to do so you can only deduct state and local sales taxes instead of income taxes on Form 1040, Schedule A.

You're claiming the deduction for state and local sales taxes instead of the deduction for state and local income taxes.

You can deduct your state and local sales taxes instead of state and local income taxes.

To avoid the need to report any subsequent state or local income tax refunds as income, many taxpayers who itemize deductions will chose to claim a deduction for state and local sales tax instead of deducting state and local income taxes.

Not exact matches

Or, you can choose to deduct state and local sales taxes (instead of state and local income taxes), but you can not deduct both.

And it also ends the full deductibility of state and local taxes, offering instead a $ 10,000 cap for deducting property, sales and state income taxes — a big hit to Long Island and New York, as well as other high - tax states.

Taxpayers can choose to itemize their deductions instead, which means they deduct specific qualifying expenses, including mortgage interest payments, state and local income or sales tax and charitable donations.

Instead of deducting state and local income taxes, you can deduct state and local sales taxes — a potentially useful deduction for those who live in states with low or no income tax.