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Year End Planning - Deduct Sales Tax or State Income Taxes?

Posted by Mike C Posted on Sept 13 2011

The next few months may provide a last chance opportunity for taxpayers who itemize deductions to deduct state and local sales taxes in lieu of state and local income taxes.The option to deduct sales taxes is set to expire at the end of 2011. While it may be extended, there is no way of knowing what Congress may do. Accordingly, individuals who are considering the purchase of a big-ticket item may want to accelerate the purchase into this year to achieve a higher itemized deduction for sales taxes.

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