Friday, March 27, 2020

can i file the purchases tax on my income tax?

Jesse Japak: if you itemize you are already able to claim sales tax on your tax returnif you keep all your receipts of purchases during the year that shows the sale tax and it exceeds the general formula on Sch A, you can claim it there

Andrew Sinatra: If you are able to itemize deductions (as opposed to taking the standard deduction) you can deduct either state and local income tax or sales tax. For those states that have an income tax, it is almost always to your benefit to claim the income tax instead of the sales tax. If you claim the sales tax, you can either claim actual sales tax paid (must keep all receipts) or use the tables for estimated sales tax paid found in the instructions for Schedule A. If you use the tables, you can add additional sales tax paid for some high-ticket items such as automobiles, planes, boats, etc....Show more

Palmira Lochridge: Do you keep all your receipts for everything you buy all year?You can claim sales tax as an itemiz! ed deduction, but you'd need to have more itemized deductions than the standard. Keep in mind that you'll need receipts to be able to prove the itemized deductions in case of an audit....Show more

Fritz Hawkey: The IRS gave you 2 choices. Either you claim the state and local tax's paid and cut from your w2,s . Or you chose on schedule A, General Sales tax option. You can not take both. You may list both of them and whatever is higher you may select.

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