Can you deduct sales tax from your income tax?

Answer On One Hand: Deducting Sales Taxes Can Save MoneyAs of 2010, sales tax may be deducted on a federal income tax return if the filer itemizes deductions on Form 1040, Schedule A. The filer may deduct... Read More »

Top Q&A For: Can you deduct sales tax from your income tax

Can you deduct garnishments from your income taxes?

No. Tax law regards all income earned by you as taxable even if your employer withholds any amount to pay outstanding debts. You must pay income tax on the full amount you would have received prior... Read More »

Can you deduct sales taxes on your federal tax return?

You can deduct either state and local income taxes that you pay or the state and local sales tax that you pay from your federal tax return. The deduction is itemized, which means you need to forgo ... Read More »

Can I deduct an unpaid judgment from my federal income tax?

On One Hand: There Are Possible OptionsWhile the specifics of the case and judgment will have a lot to do with whether or not an unpaid judgment can be tax deductible or not, there are some possibl... Read More »

What Closing Costs Can I Deduct from my Income Tax?

Closing costs paid when purchasing a home are comprised of several charges. At closing the buyer receives a sheet that itemizes these expenses. The settlement sheet is vital for tax preparation a... Read More »