If you itemize deductions, you can elect to deduct state and local sales tax instead of state income taxes. (While this is one of the tax extender provisions that has currently expired, Congress is likely to extend this popular tax break after the midterm elections.) This is valuable if you live in a state without an income tax, but can also provide a bigger deduction in other states if you made big purchases subject to sales tax (like a car, boat, home or all three). The Internal Revenue Service has a table allowing you to claim a standard sales tax deduction so you dont have to save all your receipts during the year. This table is based on your income, family size and the local sales tax rate, and you can add the tax from large purchases on top of the standard amount. If youve already paid enough sales tax that youll make this election for 2014, consider making any planned large purchases before the end of the year. If you wait to make the purchase in 2015 and wont be electing to deduct sales tax that year, you wont get any tax benefit.