06 State Sales Taxes Are Still Deductible

[ultrarunner]

Last December, Congress extended the provision allowing a deduction for State and Local Taxes after the IRS had already printed the current Tax Forms. As a result, this Deduction does not appear on the printed 2006 Schedule A (From 1040)

This is good news for those of us who made a major purchase, like a Tractor, in 2006.

Remember to check with your CPA for specifics.

 

[Podunkadunk]

**** skippy! And rightfully so it should have been extended. It should be made permanent...you've already been taxed once federally, pay enough tax on gas, property etc..., why not get a little of it back?

Thanks for posting this, I'm sure a lot of people don't know about it. My neighbors for one, didn't know until I told them a couple weeks ago. They are older and I'm sure it will help them out tremendously, especially since they made several major purchases throughout the year which will put them over the "canned" IRS deduction for their gross.

'Bout time Congress cut us some slack.
Podunk

 

[Bird]

If you go to the Internal Revenue Service website, you can find the instructions for taking the sales tax deduction, even if it isn't on the forms you have, your CPA will have the information, and if you used tax preparation software, such as TurboTax, you just download the updates and it's there. I'm afraid Congress didn't actually approve the extension until January 4, if I remember right.

 

[SkyPup]

That Sales Tax deduction is a Godsend for us....

 

[randy41]

its meant to give a bone to those dogs who live in states with no income tax.