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BlankenshipFP
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Or if you made large purchases subject to sales taxes, e.g., more than one automobile - but you'd also have to collect your receipts throughout the year.

Jim Blankenship, CFP, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
Post Mon Mar 28, 2005 9:04 pm
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Rolo
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Er...say what now?

Since I do not pay state/local income tax (I am a Floridian), I can deduct sales tax paid throughout the year on my federal income tax?

Why more than one automobile?

I would definitely save all my receipts. I also enter everything into Quicken and I can have it tally my sales tax totals.

"Expect me when you see me."
Post Tue Mar 29, 2005 3:24 am
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BlankenshipFP
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More than one auto for those of us that pay state income taxes. Typically the state income tax would be more than you'd pay in sales taxes unless you had made major purchases, and so then you'd opt to claim the income tax instead of the sales tax.

If you used a tax prep program, it would have figured the estimated sales tax for you. Keep in mind, this is only if you itemize.

Jim Blankenship, CFP, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
Post Tue Mar 29, 2005 12:11 pm
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Rolo
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Oh! I see...The "more than one automobile" was an example rather than the law.

Yes, I itemise hoops o' stuff thanks to mortgage interest and hobby-gone-self-employed.

hmm...I use Turbo Tax Premiere Home & Business and I do not recall seeing any of that. I haven't started on my 2005 taxes yet. heh. Form 4868 is my first step.

I plan on buying a new auto (yes, another PT, for those of you who know me Smile this year, so that'll be handy!

"Expect me when you see me."
Post Wed Mar 30, 2005 12:42 am
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BlankenshipFP
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The sales tax was most likely calculated for you. They use a formula based on your AGI. If you save your receipts, you'll likely come up with a better number for 2005, especially with the PT purchase!

Jim Blankenship, CFP, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
Post Wed Mar 30, 2005 12:51 pm
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belinda
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Sales tax based on income and number of people in the family. Than add sales tax for auto, boat, motorcycle. Most tax software should easily handle this feature.
Post Fri Apr 15, 2005 2:41 am
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Rolo
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oooooOOOOOOOOOOOOOHHHHHHHHHHHHH!!!! That's why it asks if you've made any 'major purchases' like an auto, etc.

"Expect me when you see me."
Post Sat Apr 16, 2005 1:09 am
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prioritytaxgroup
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Tax is a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well.
Post Thu Aug 14, 2014 6:43 am
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albertofair34
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Recipts are very important for Taxes. A tax is levied on all retail sales of motor vehicles in Texas and motor vehicles purchased at retail outside the state and used on Texas public highways by a Texas resident or an individual domiciled or doing business in this state.
Post Thu Jan 29, 2015 9:55 am
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