New tax law for 2004. Deduct sales tax you paid instead of state/local income tax.

[PhillyKev 0]

New law that went into effect too late to be included in the tax booklets. Allows you to deduct sales tax you paid over the year instead of local and state income tax (for those who itemize). No good for me due to the ridiculously high Philly income tax rate. But may help some of you. Especially if you made any big purchases, like a car or don't have local or state income tax.

Also, there's a chart to use to figure how much you can deduct based on a formula instead of having to know what you actually spent throughout the year.

http://www.irs.gov/newsroom/article/0,,id=132383,00.html

[NWFlyer 2]

Sweet news for us Washingtonians (land of no state income tax). Thanks for this tip

"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke

[jlmiracle 7]

Its really a good deal if you live in Tennessee and and few other states where we have no state income tax so I don't have to choose.
Judy

Be kinder than necessary because everyone you meet is fighting some kind of battle.

[SkydiveNFlorida 0]

Nice, Thanks!

[skymama 37]

Thanks so much! I'm forwarding the link to all my family in FL, a no state income tax state!

She is Da Man, and you better not mess with Da Man,
because she will lay some keepdown on you faster than, well, really fast. ~Billvon

[christoofar 0]

Yeah the "Philly Tax" hit me when The SCOOTER Store relocated me up here. The extra withholding for PA wiped out my last raise.

Still, it's better than the other option of moving to Baltimore, which I turned down. I hate driving down there, much less living there.

____________________________________________________________
I'm RICK JAMES! Fo shizzle.