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Deductions & credits
Your other choice is to total all of your receipts and enter that figure. When you use the Easy Guide, the software uses a formula that takes your income and your general sales tax rate to find a total for all of those "general" purchases + you got to enter the sales tax rate for the major purchase separately and say how much the car cost.
Remember, this is an itemized deduction. It will only affect your tax due or refund if your itemized deductions exceed your standard deduction. If your state income tax is a better deduction for you, the software will suggest that instead of the sales tax deduction--you cannot take both. (And you are welcome).
Remember, this is an itemized deduction. It will only affect your tax due or refund if your itemized deductions exceed your standard deduction. If your state income tax is a better deduction for you, the software will suggest that instead of the sales tax deduction--you cannot take both. (And you are welcome).
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎June 4, 2019
8:05 PM