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Do you have to itemize on your tax return to claim the sales tax on my new pickup?
Wiki User
∙ 15y ago
If the truck weighs no more than 8500 pounds and it is purchased between 2/17/09 and 12/31/09, you may claim a deduction on your 2009 return when it is filed in early 2010 without itemizing.
Otherwise, you would have to itemize and not claim the state income tax deduction.
Wiki User
∙ 15y ago
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Can you claim sales tax on your taxes?
Yes, you can claim state and local sales taxes on your return. But in order to do so you must itemize deductions and you must not claim state and local income taxes. You're allowed to claim either state and local income taxes or state and local sales taxes, but not both.If you do claim the sales tax deduction, you can either claim the amount you actually paid (based on receipts) or the amount given to you by the IRS's Sales Tax Deduction Calculator.For a more detailed explanation of the state and local sales tax deduction, please see Deducting State Sales Tax.
Can you claim taxes of grocery receipts?
If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.
Can I deduct the purchase of a used car?
Not unless you use the vehicle for business purposes. You may be able to deduct the sales tax if you itemize your tax return.
Is used car sales tax deductible?
If you file a Form 1040, and itemize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes. (You can't claim both.) If you saved your receipts throughout the year, you can add up the total amount of sales taxes you actually paid and claim that amount if it is larger than your State & Local income taxes that year.In most States with an income tax this is rather uncommon, unless you have made some fairly substantial sales taxable purchases and have both a low taxable income and enough expenses to itemize.
Can state sales tax be deducted from your taxes?
According to the IRS, if you itemize deductions on your federal return you may deduct either state and local incometaxes or state and local sales taxes. You get to choose which to deduct, but you may not deduct both, and you can't deduct either unless you itemize deductions.Chances are pretty good that unless your state has low income tax rates and fairly high sales tax rates, you'll be better off deducting the income taxes instead, but you do have the option.
How do you account cash sales return?
[Debit] Sales return [Credit] Cash /bank [Debit] Sales [Credit] Sales return
Can you Claim state taxes on federal return?
Yes. And if you pay more in sales taxes than state income taxes, you can use that
What is the difference between sale sand sales return?
sales is when u sale it dimwitt and sales return is when u return it dumbie
Is sales return an expense?
Sales return is reduction in sales as customer returns goods for any reason and it is not expense.
What is rate of return on net sales ratio?
Rate of Return on Net Sales = (Net Income) / (Total Sales)
Net sales was 9275000 net income was 814100 what is the return on sales?
Return on sales = 814100 / 9275000 = 8.777 %
Journal entry for sales return?
Cash Ac Dr to Sales AC To sales Return Alc
