Cut your tax bill to the bone by claiming all the breaks you deserve — including some you may have forgotten, and some you may have never even known about.
State Sales Tax
Although all taxpayers have a shot at this write-off, it makes sense primarily for those who live in states that don’t impose an income tax. You must choose between deducting state and local income taxes or state and local sales taxes. For most citizens of income-tax states, the income tax is a bigger burden than the sales tax, so the income-tax deduction is a better deal. Big ticket items could make the sales-tax deduction a better deal even if you live in a state with an income tax. The IRS has a calculator on its Web site to help you figure the deduction.
Read: The Most-Often Overlooked Tax Deductions
Financial Freedom:The Most-Often Overlooked Tax Deductions was originally published on elev8.com
