Filing taxes for small independent seller. Total sales for year were $1326 (no other income) and sales tax paid $137.27. Strange thing is when calculating sales tax deduction, getting a result of $323.00, confirmed with the IRIS calculator. This is using the easy method TurboTax providers vs manually entering all receipts in. Is this correct? The sales tax for the state is 5% including local and the last time I did basic algebra 1326 x 0.05 = $66.30.
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Are you talking about the sales tax deduction on Schedule A for Itemized Deductions? That is completely separate than the sales tax for your business on Schedule C . Schedule A is for your personal deductions and sales tax you pay on your own purchases like groceries, clothes etc.
Are you talking about the sales tax deduction on Schedule A for Itemized Deductions? That is completely separate than the sales tax for your business on Schedule C . Schedule A is for your personal deductions and sales tax you pay on your own purchases like groceries, clothes etc.
I apologize, yes schedule A. Based on the income from sales, the sales tax deduction seems incredibly high.
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