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Can you claim sales tax on your taxes?
Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're allowed to claim either state and local income taxes or state and local sales taxes, but not both.
If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator.
For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator.
For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
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What kind of tax is a sales tax?
It is an indirect tax. It is a tax levied on the sale of goods and merchandise. In many countries tax on sale of goods and tax on services is integrated into one tax called… GST or Goods and Services Tax
What type of taxes is a sales tax?
Study island: It is a regressive tax. Citizens of a country are charged certain levies indirectly, commonly known as indirect taxes. These are the taxes payable on an activi…ty or a commodity. Some common examples of indirect taxes are sales tax and excise tax.
What kind of tax is sales tax?
Regressive
Do you have to itemize on your tax return to claim the sales tax on my new pickup?
If the truck weighs no more than 8500 pounds and it is purchased between 2/17/09 and 12/31/09, you may claim a deduction on your 2009 return when it is filed in early 2010 wit…hout itemizing. Otherwise, you would have to itemize and not claim the state income tax deduction.
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What type of tax is a sales tax?
The sales tax is an indirect tax , because it is collected by the seller and then paid to the government. (The labeling of the sales tax as "regressive" means that it is see…n to unfairly impact the lowest economic groups through their purchase of necessities. Many states and cities exempt food and/or prescription drugs from some sales taxes.)
What type of tax is a sale tax?
Citizens of a country are charged certain levies indirectly, commonly known as indirect taxes . These are the taxes payable on an activity or a commodity. Some common exa…mples of indirect taxes are sales tax and excise tax.
Does sales tax tax?
Sales tax is a tax on consumption, levied on goods and services at the point of purchase. They are typically figured as a percentage on the price of the item in question, but …may simply be a flat fee.There is no federal sales or use tax in the United States. 45 states impose sales and use taxes on the retail sale, lease and rental of many goods, as well as some services. And many cities, towns, counties and other jurisdicitions may impose a sales tax, or something similar (special excise taxes for example). Sometimes on a product that the others don't charge a tax on, sometimes on one they already do. Sometimes these taxes are subject to be part of the taxable receipt for calculating the tax from anothers' tax.So yes, it is entirely possible to pay a sales tax on a sales tax. Fellow Contributor, It may be possible but it is not feasible. Even wealthy people would have an issue with giving their precious few cents away on every item they buy, No matter what, wealthy people complain when they have to fork out the extra almighty dollar even if the expense for them are neutralized by favors and tax breaks. Why should the poor pay for the rich to survive?
If I lose on stock sale can the loss be claimed on my tax return?
You can deduct capital losses up to the amount of your capital gains, plus $3,000 ($1,500 if married filing separate.) Any excess capital loss is carried over to future years.…
What kind tax is a sales tax?
A sales tax is a consumption or usage tax. It is also considered a regressive tax. As people earn a greater amount of money, they use less of their money on items from stores.… Thus, a poor man eats a hamburger while his wife wears a Wal-Mart dress. The rich man eats steak and his wife wears a dress from Macys. The rich man has more money left over and does not spend it on something that has sales tax.
What is taxed by sales tax?
the customer of the purchased item is taxed by sales tax.
Who can you claim on taxes?
You can often times deduct the cost of hiring a tax professional to do your taxes in the following year. Given the generic nature of your question, I'd strongly suggest doing …just that.
Can you claim post tax on your taxes?
I guess it depends;for instance, the traditional IRA is a retirement savings plan where contributions may be tax deductible and the values can grow tax deferred until withdraw…al at retirement.However, for 2010, the IRA contribution limit for any wage earner is $5,000 or the individual's taxable wages, whichever is less. A wage earner over the age of 50 can contribute an additional $1,000 into an IRA. In the case of R-IRA, Roth IRA contributions are not tax deductible by definition. The tax benefit from a Roth IRA is taken at retirement when distributions are tax-free.
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Who claimed you on the taxes?
William dale carter
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In Sales Tax
What is the sales tax if the tax is 70cents?
I am NOT sure what your question is.I guess it varies from state to state; sales taxes are imposed only on taxable transfers of property or services. The tax is computed as …the tax rate times the taxable transaction value. Rates vary by state, and by locality within a state.
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In Sales Tax
What type of of tax is sales tax?
It depends how you look at it. I believe its considered regressive based on income... Assumeeveryone spends the same amount of money on taxable goods... A poorperson would… pay a higher percentage of their income intaxes. It's proportional based on expenditures, but regressivecompared to income levels.
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What type of tax is a sales tax-?
Learn what sales tax is and find out many of the different typesthat you may pay. Discover where all that money goes and how it isused to offer.