March 7, 2008, Newsletter Issue #106: Taxes and Fees That Are Not Deductible

Tip of the Week

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.

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