Local and State Sales Tax
Taxpayers have the option of deducting state and local general sales taxes or income taxes that they paid during the tax year, but not both.
Under the new tax law, the deductibility of state and local tax payments for federal income tax purposes is now limited to $10,000 — or $5,000 for married taxpayers filing separately — in a calendar year.
If you live in a state with no income tax, consider deducting state sales tax and local sales tax that you paid.
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4 thoughts on “Every Single Tax Deduction You Could Possibly Ask For”
What a great summary…thank you!
This is extremely concise and helpful!
Much appreciated Very Informative Thanks
Much Appreciated info in a great floor Mate easy to understand I will be asking some questions this year from our tax man this year 2019