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Archive for the ‘Sales Tax Deductions’ Category

Items on Amazon Right Now for Sales Tax Deduction Calculator:

Ten for ‘10: Follow these practical tips for stabilizing your finances

Breathe a sigh of relief. The financial rocky road of 2009 is nearly at an end. If you’ve weathered this year’s wallet-squeezing, here’s some how-to advice for keeping more money in your pocket in 2010. Take your pick from our “Ten for ‘10″:

Question: Where do I deduct my auto sales tax when filing?

I purchased a car in 2008 and now that I am filing my taxes online, I can’t find the option to deduct my sales tax. I live in TN. Does anyone know if I can make this deduction and where?
I am itemizing this year. I am using H& R but am not sure where in that process I would enter my sales tax information.

Answer: You may only claim sales tax if you do not deduct state income tax. If you itemize, you would checkout Publication 600 from the IRS to get the amount of sales tax you can claim and then add the sales tax generated by the auto. If the total is more than you paid in state/local income tax, then you should take the sales tax deduction, if not, you would want the income tax deduction.

All this assumes that you itemize your deductions. If you do not itemize, then you can’t claim the sales tax or income tax deduction.

Items on Amazon Right Now for Sales Tax Deduction For Cars:

Local auto dealers: Tax break that ends today helped drive sales

Today is the last day to buy a new vehicle and deduct sales taxes from your 2009 federal income-tax return. The federal program, local dealers say, has helped boost sales of new cars and trucks at Richmondarea dealerships in the remaining days of the year. “About 80 percent of the people who come in already know about it, but there is no doubt it’s helped,“ said George Mastermaker, general sales …

Tax Break for New Car Purchases and Tax Relief for Hardworking Americans with IRS Problems

Question: Why is the stimulus bill giving tax breaks for buying new cars?

Sen. Barbara Mikulski led the successful effort to allow many car buyers to claim an income tax deduction for sales taxes paid on new autos and interest payments on car loans.

I just bought a new car in November 2008. Will I take the deduction, you bet. But I don’t need this or want this. Why are they putting this in the economic stimulus bill?

http://www.foxnews.com/story/0,2933,487765,00.html

Answer: I just posted this question..so, the bill gives REWARDS (tax breaks) on going into DEBT to buy a new car?? WTF? That’s why many Americans are in trouble now! Driving a car they can’t afford and living in a house they can’t afford! If you can’t buy the car in CASH, then you CAN’T afford it! PERIOD! Debt is an EVIL thing as is this Stimulus package! Makes as much sense to build an Amusement park in Florida…oh wait, that’s in there too!

I can’t understand why Obama is encouraging DEBT! UNBELIVIBLE!!!

Credit Cards and Car debt are one of the worst things for a family. Just ridiculas! Do you NEED a 25K dollar car? Me, I’ll bank the extra 400-800 extra a month in a growth stock mutual fund and be ready for retirement at 48.

My wife and I combine to make a little over 60K a year..but, NO DEBT! We’re worth over 500K and guess what…she’s 31 and I’m 34..if one of us loses our job then it’s NO BIG DEAL..if we had car payments or CC payment and no savings it would be a DISASTER!!..That’s why most americans are FREAKIN out! They gotta keep paying that DEBT!!!..GOING INTO DEBT IS NOT THE ANS!

BOBBI, if you have to get a LOAN and go into DEBT, then you can’t afford that car! PERIOD! No matter if the payment is 100 a month, you CAN’T afford that car if you can’t pay cash.

Items on Amazon Right Now for Sales Tax Deduction Car Buyers:

Edmunds Says Flurry Of Web Hits May Mean Higher Auto Sales

Automotive information provider Edmunds.com said its Web traffic has jumped in the past week, which could indicate a significant increase in car sales as buyers scramble to take advantage of Tax Deductions before the end of the year.

The New 2009 Tax Deduction for Car Buyers

PEP was introduces and popularized by the Margaret Thatcher government to encourage equity ownership among larger section of the country’s population. The Conservative government allowed PEPs to contain collective investments. This was way back in 1986. In 1992, a Single Company PEP was also introduced meant to encourage holding of single company shares.

Both the general PEP that would contain investments like Unit Trusts and Single Company PEP were granted tax privileges to increase public involvement. The growth was exempted from capital gain tax whether the gain happened within the fund or during the final encashment. Other than this both the types f PEPs has some other differences in their inherent structure. The annual allowance for the general PEP was £6,000 and the same for single company PEP was £3,000.

General PEP could only invest in qualifying investments. Although it was limited by investments that held half of its money in UK based assets, later on the same was extended to European Union. This restriction was also eliminated in 2001.

By mid 1999, the tax privileges enjoyed by PEP investors had started to decline. The Advanced Corporation Tax relief was halved to start with, eliminating all reliefs on dividends by 2004. The PEP structure went through a complete overhaul in the coming years. The new Labor government introduced Individual Saving Accounts in 1999. This prevented any new contribution into the PEPs. Though the existing funds were allowed to retain their promised tax privileges, PEPs had lost it luster.   By April 6, 2008 PEP accounts have virtually ceased to exist and were automatically converted to stocks and shares ISAs.

Items on Amazon Right Now for 2008 General Sales Tax Deduction Worksheet:

Changes to this year’s tax-filing process

It’s that time of year again — tax season. This year, taxpayers should be aware of some tax law changes that could make a difference in their refund. The most obvious change is the filing deadline.

Question: How do you calculate the sales tax deduction on leased vehicles?

The IRS publications just say you can deduct “sales tax paid on leased vehicles,” but doesn’t say how to calculate that. Does that mean to take the sum of the sales tax on all of the payments for the tax year, or figure out the sales tax on the amount that used used for calculating the lease? If the former, does that mean you can do it every year, or only the year in which you leased the vehicle?

Answer: When you lease a vehicle, the sales tax is applied to each payment (you pay sales tax with each monthly lease payment). If the monthly statement from the lessor does not break down the payment between the lease payment and the sales tax, you can take the lease payment and divide it by 1 + your sales tax rate to determine the lease payment BEFORE sales tax. The difference between your regular lease payment and the calculated lease payment before sales tax will be the amount of sales tax. It doesn’t matter whether you do the calculation from month to month, or add up the payments for the year. Since the lease payment is the same each month, the amount of sales tax will be the same each month as well.

You can only deduct the sales tax that you actually paid during the tax year, so you need to work it out using your lease payments that you actually paid during the tax year.

Items on Amazon Right Now for Sales Tax Deduction Vehicle:

Income Tax Advisor Provides End Of The Year Tips

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Recovery: Tax Filing Season 2010 – January 2010