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Financial Planning / Tax Strategies
|Subject: Re: Deducting state income tax||Date: 12/16/2006 8:39 AM|
|Author: billjam||Number: 90022 of 125415|
<<< >> Good point. I don't recall if the sales tax deduction is being extended either, but I'm sure the NC taxes are going to be greater. <<
Yes, it was extended through 2007 a few days ago.
Actually, you're a bit premature. Congress passed the extenders, but they haven't been signed yet by President Bush. There's no reason to think that he won't sign it, but until he does, sales tax is not deductible.
Also be aware that IRS has already printed all the tax forms and they don't include the sales tax deduction. It will be, by their estimate, 6 weeks before they get revisions ready. So don't plan on filing early this year. And check www.irs.gov for the latest info. You should also be able to download sales tax tables and revised forms there.
Oh, and if you've already bought a tax prep program like Turbo Tax, you'll have to download a revision to that too when they get it ready.
Taxes are going to be even more fun than usual this year!
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