Tax Deduction: Did You Know?
A new law was enacted that allows taxpayers to deduct state and local
sales taxes instead of state and local
income taxes.
This is especially beneficial for taxpayers that have made major purchases, such as cars, boats, aircrafts, or even home improvement materials. Taxes paid from all of these purchases can be included in your sales tax deduction, which can be used instead of the IRS tables defined for the income tax deduction.
This law also provides a new tax deduction for taxpaying residents in Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, and Washington, who pay sales taxes but no income taxes.
