Who Can Claim General Sales Tax Deductions In The Us ?
General sales tax deductions was mainly intended for those living in states with little or no state and local income taxes. However, all taxpayers can opt for this no matter where they live. |
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Itemize your deductions to claim state and local general sales taxes. You have the option of choosing that, or the state and local income taxes. You cannot choose both the options. These options have been extended for two more years by Congress.
People, who are planning on a vehicle such as a car or even a boat, can claim a big deduction. For citizens of states such as Washington, Alaska, Wyoming, Florida and Texas, which do not have state income tax deductions, the easy way out will be to opt for general sales tax deduction.
Be sure to save your receipts. Even if you have lost some of them, you can get duplicates by going online and checking your credit card statements.
People, who are paying mortgage interest and property taxes, can add those bills to the general sales tax deductions. This is also true for any charitable donations that are made.
You can claim deductions from the sales tax on medical supplies, clothes and food even if the tax rate falls less than the general sales tax rate.
Use Form 1040 (schedule A) and enter "ST" to state that you are claiming general sales tax deduction instead of the usual local income tax deduction. Going for this kind of deduction may be bit of hard and unfamiliar work. However, you may find that it is worth your while.
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