Tax Tip: Sales Tax Deduction is Back on Schedule A
Did you buy something big in 2010? In 2010, your CPA probably told you the sales tax deduction went away on December 31, 2009. But, the tax act passed at the end of 2010 brought it back. If you bought a car, boat, RV, airplane, sound system for the man-cave, or took extra advantage of the holiday sales, save up the receipts and ask your accountant about getting an extra deduction.
Or, use the IRS’ Sales Tax Deduction Calculator at: http://www.irs.gov/individuals/article/0,,id=152421,00.html.