There was an article out there about being able to write the sales tax off of all purchases that were made during the year. I was wondering if this is actually accurate?
I got the article from the below link:
Consumer Rebate Program
There seems to be a myth circulating that there is some sort of new "rebate" on any retail purchases made. There is no such rebate program.In late 2015 the sales tax deduction on your income tax return was made a permanent part of the tax law. When you itemize deductions on your tax return one of the deductions available is for your state and local sales tax for major purchases such as vehicles, boats, etc. and for general retail purchases. Taxpayers can choose to save every receipt and enter the total or let the tax program calculate the amount based on a formula including your AGI.
But rebate?? No. At best the deduction could affect your tax due or your tax refund. A publication known as the Oxford Club has been promoting this myth as an incentive to sell you a $49 subscription.
Federal>Deductions and Credits>Estimates and Other Taxes Paid> Sales Tax.
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