If you're looking for more ways to yield a larger tax cut, chances are you're scouring all your expenses. While many taxes and fees are allowable as federal tax deductions, many others are not. Examples of taxes and fees that are not allowed as personal tax deductions on Schedule A are federal income taxes, social security taxes, estate and inheritance taxes, and homeowner association fees. Examples of disallowed local and state tax deductions include stamp taxes, transfer taxes on the sale of property, and charges for water, sewer, or trash collection. Also, state sales taxes are not deductible unless you deduct them instead of deducting your state and local income taxes.
Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.
|Sheri Ann Richerson|