Post by llanago on Jan 8, 2005 6:29:38 GMT -5
Hey guys, I figured most folks don't keep up with what's going on with the IRS and current tax laws, so thought I would pass this info on. Might help save some $ when it's time to send in your 1040.
The American Jobs Creation Bill of 2004 is mostly for corporate taxes and tax breaks but individuals can also take advantage of deducting their state and local sales taxes. Here's an article on it that explains how it works.
www.bankrate.com/brm/itax/20041012b1.asp
Since Texas is a no income tax state, we can get an exemption on local and state sales taxes. Although I have a form for exemption, I am not sure exactly how it works yet - but am doing some checking into it. If any of you other Texas folks would like more info on this, let me know and I will IM you when I find out exactly how it works.
Probaby can't be of much help to those of you in other states, but it should be fairly easy to find out from either a tax preparer or bookkeeper in your area. Or your state webpage might have info on it.
Anyhoo, thought ya'll might be interested. After all, if you can save $$$ on your taxes, you'll have more $ for more rocks, tumblers, grit, saws, etc.
llana
The American Jobs Creation Bill of 2004 is mostly for corporate taxes and tax breaks but individuals can also take advantage of deducting their state and local sales taxes. Here's an article on it that explains how it works.
www.bankrate.com/brm/itax/20041012b1.asp
Since Texas is a no income tax state, we can get an exemption on local and state sales taxes. Although I have a form for exemption, I am not sure exactly how it works yet - but am doing some checking into it. If any of you other Texas folks would like more info on this, let me know and I will IM you when I find out exactly how it works.
Probaby can't be of much help to those of you in other states, but it should be fairly easy to find out from either a tax preparer or bookkeeper in your area. Or your state webpage might have info on it.
Anyhoo, thought ya'll might be interested. After all, if you can save $$$ on your taxes, you'll have more $ for more rocks, tumblers, grit, saws, etc.
llana
