IRS Releases Tax Tables for New Deduction

[Rose Siding]

WASHINGTON - Making big splurges this holiday season? The IRS released tax tables Friday to help taxpayers calculate whether they would benefit from a new sales tax deduction.

A law passed this fall lets taxpayers choose to deduct state and local sales taxes, instead of state and local income taxes, on their federal forms.

The change means a new deduction for people in states, including Alaska, Florida, Nevada, Tennessee, South Dakota, Texas, Washington and Wyoming, who pay sales taxes but not income taxes.

A table sets the deduction for individuals in each state according by income and other filing circumstances in a vast range from less than $200 to more than $2,500.

The change also could help a taxpayer, from any state, who made a major purchase during the year. Taxes paid on a car, boat, aircraft, home or home remodeling materials can be added to the average sales tax deduction provided in the IRS tables.

http://story.news.yahoo.com/news?tmpl=story&cid=513&ncid=691&e=2&u=/ap/20041217/ap_on_go_ot/sales_tax_deduction

[shraby]

1. Nice of them to let us know ahead of time

so we could have saved the receipts we needed to figure it.

[Viva_La_Revolution]

2. you don't keep your reciepts?....

when you buy a car, or an airplane or a boat?

The only people who will benefit from this are the ones who have the money to spend in the first place. What about the people working two Min. wage jobs to pay the bills?

Same old shit.

[zann725]

3. Who was it that said, "No taxation WITHOUT representation?"

n/t