InstructorsStudentsReviewersAuthorsBooksellers Contact Us
image
  DisciplineHome
 TextbookHome
 
 
 
 
 
 
 
 
 ResourceHome
 
 
 
 
 Bookstore
Textbook Site for:
Personal Finance , Eighth Edition
E. Thomas Garman, Virginia Polytech Institute and State University
Raymond E. Forgue, University of Kentucky
Updated Content

Chapter 4: Sales Tax Deduction Update

Sales Tax Deduction - A special tax break exists for taxpayers filing their returns for tax years 2004 (filed in 2005) and 2005 (filed in 2006), unless Congress extends it. For people living in the seven states that do not have an income tax, this is a newly permitted deduction.

Taxpayers may use IRS publication 600 to find the government’s estimate of how much state sales tax they presumably paid. Since the tables do not include any local sales taxes paid, you may also add an estimate for that amount. Also add any sales tax paid for big-ticket items like a car purchase.

Taxpayers from states that do impose an income tax may either deduct the amount they paid in states income taxes or the total of states sales taxes they paid, whichever is greater.


Chapter 4: Changes to Income Tax Benefits for Men and Women in the U.S. Armed Forces

Some men and women in the U.S. armed forces are eligible for some extra income tax benefits because they now have the option to include or exclude the government pay they receive while serving in a combat zone. This choice occurs when service members compute credits based on their taxable income.
http://www.sun-sentinel.com/business/columnists/sfl-zkristof08mar08,0,1158274.column?coll=sfla-business-col


BORDER=0
Site Map | Partners | Press Releases | Company Home | Contact Us
Copyright Houghton Mifflin Company. All Rights Reserved.
Terms and Conditions of Use, Privacy Statement, and Trademark Information
BORDER="0"