The Internal Revenue Service has released tax tables to help taxpayers determine whether they would benefit from an optional new sales tax deduction.
Under the American Jobs Creation Act of 2004, for tax years 2004 and 2005, taxpayers who itemize deductions can choose to deduct state and local sales tax instead of state and local income tax. Taxpayers indicate by a checkbox on Line 5 of Schedule A which type of tax they're claiming.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access