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#62442 - 12/28/04 08:16 AM Sales Tax is deductable from Fed. Income tax
BEBOP Offline
Senior Member

Registered: 01/02/00
Posts: 3770
Loc: San Jose, California
HI ALL,
I just learned something wonderful, at least for me. A big INCOME TAX Deduction.
I have just learned that I can deduct either State Income Tax or State Sales Tax paid. Even States that don't have income tax can deduct the sales tax they paid. You can not deduct both state income tax and sales tax. You can also deduct local sales tax like we have here in California of .05 percent for this and .05 percent for that. This is really good news. I have been worrying about income tax this year as one of my major tax shelters depleted last year. This is a reprieve for me as I bought a new motorhome this year and paid about 10,000.00 in sales tax that is deductible in addition to the table in the following attachment. Hallelujah, Praise the Lord and AMEN!! Manna from Heaven.
The following Url can be printed and includes the tables for all states as well as the IRS Form. This only applies to People that Pay US Income tax. Sorry
http://www.irs.gov/pub/irs-pdf/p600.pdf

Have fun doing your income taxes this year and send thanks to Bebop for all the money you saved
I mailed this to all the people on my email lists but if you are not on the lists then I have put it here for you. You might want to buy a keyboard, car, motorhome, boat or what ever before this month ends to get a big deduction.
Best to all, Happy New Year Bill the Bebop
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BEBOP

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#62443 - 12/28/04 02:07 PM Re: Sales Tax is deductable from Fed. Income tax
fmlk4u Offline
Member

Registered: 08/23/03
Posts: 190
Loc: Eindhoven, The Netherlands
Hi,

Here in the Netherlands the taxes will go up in 2005 with on average some 2-10%. Life becomes more expensive. However if you have this luck in the USA, wouldn't it be a great idea to offer 10% of the deduction profit to help Asia with the disaster of the recent Tsunami. We cannot help those thousands and thousands who died, but their survived family who have lost all their assets.... imagine this situation.

There are even ideas of people of having soldiers in Iraq send onwards to India, Thayland, Indonesia, etc. to build emergency hospitals.

Regards, Fred
http://www.kn7000.net/Fred_Mellink
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Kind Regards, Fred

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