BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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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
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Mon Mar 28, 2005 9:04 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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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."
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Tue Mar 29, 2005 3:24 am |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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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
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Tue Mar 29, 2005 12:11 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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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  this year, so that'll be handy!
"Expect me when you see me."
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Wed Mar 30, 2005 12:42 am |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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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
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Wed Mar 30, 2005 12:51 pm |
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belinda
New Member
Cash: $ 1.65
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Joined: 15 Apr 2005
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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.
Belinda Charpentier
www.1040rus.com
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Fri Apr 15, 2005 2:41 am |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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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."
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Sat Apr 16, 2005 1:09 am |
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