Bought A New Trailer This Year?

[Patrick M.]

I decided to ramp up my income tax preparation this year as I just heard the sooner you get it in, the sooner you'll get your $600/$1,200/whatever "economic stimulus" check. So as I was going through TurboTax, I saw the sales tax section, and the reminder that sales taxes can be substituted for state income taxes as a deduction.

So, as I gather and subject to further understanding, if you live in a state with no income taxes you can deduct sales taxes instead, or if you live in a state WITH income taxes, you can calculate sales taxes and use whichever is greater as your state deduction. You can also just use the Fed sales tax calculator AND ADD sales taxes for big items like cars AND TRAILERS!

Here's the Fed site: http://www.irs.gov/newsroom/article/...165636,00.html

I'll finish mine in a day or two and post how much this feature saved me (or didn't)

[Roger H]

I decided to ramp up my income tax preparation this year as I just heard the sooner you get it in, the sooner you'll get your $600/$1,200/whatever "economic stimulus" check. So as I was going through TurboTax, I saw the sales tax section, and the reminder that sales taxes can be substituted for state income taxes as a deduction.

So, as I gather and subject to further understanding, if you live in a state with no income taxes you can deduct sales taxes instead, or if you live in a state WITH income taxes, you can calculate sales taxes and use whichever is greater as your state deduction. You can also just use the Fed sales tax calculator AND ADD sales taxes for big items like cars AND TRAILERS!

Here's the Fed site: http://www.irs.gov/newsroom/article/...165636,00.html

I'll finish mine in a day or two and post how much this feature saved me (or didn't)

Patrick, don't forget the interest on a loan on a trailer that has "indoor plumbing" can be deducted as a "second mortgage" as well (at least that's been the case in previous tax years...)

Roger

[Patrick M.]

Yes, good point. Unfortunately, since giving up all those mortgage interest payments a few years ago, I have been a standard deduction kind of guy, so neither will probably help me out.

[Gina D.]

Tomorrow is my Turbo Tax day.

I don't know why I bother.. I am single.

TAX FORM FOR SINGLE FILERS

Question:

1. What did you make?

Instruction:

Send it in.

[Chester Taje]

Tomorrow is my Turbo Tax day.

I don't know why I bother.. I am single.

TAX FORM FOR SINGLE FILERS

Question:

1. What did you make?

Instruction:

Send it in.

Gina---You are confussed. Thats the Canadian one.

[Gina D.]

dang! I AM confused.

I don't even LIKE Molsons....

[Doug Mager]

That'd make 3 of us, Kokanee makes by far the better barley sandwich

[Alf S.]

Hi: Patrick M. In Canada we live in a constant state of taxes The Gubomint pays for everything therefore their entitled to everything!!!
Alf S. North shore of Lake Erie

[Paul from NWOnt]

That'd make 3 of us, Kokanee makes by far the better barley sandwich

Kokanee is for those who haven't the verve to venture east for Sleeman. I'd recommend the Pale Ale, or the Cream Ale for starters.

[Patrick M.]

I did finish my taxes via TurboTax Online (free if you are a State Farm customer, btw) and the combination of sales taxes on our Odyssey and Casita which exceeded our AZ income taxes, and a lot of Goodwill donations, kicked us above the Standard Deduction for the first time in many years, so we did "benefit" from having to pay those sales taxes.

[Pete Dumbleton]

Always keep in mind that a 100% allowable deduction really only amounts to a discount on the cost of the deduction equal to your marginal tax rate (highest bracket YOU paid).

Also, when the standard deduction is higher than your itemized deductions, you have essentially gotten some free deductions!