Sunday, January 1, 2012

I live in Florida where I am able to write off my sales tax on purchase that I make

I live in Florida where I am able to write off my sales tax on purchase that I make?
I want to write off my gas taxes but I don't know how to figure them. Like what percentage is taxable? I am an individual and this not for a business. Does anyone know what they are or where I could find the answer? Thank alot.
United States - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
REALLY? I LIVE IN FLORIDA AND CANNOT WRITE OFF SALES TAX.
2 :
Do you mean the sales tax Florida charges on gas? If so, then the sales tax would actually have to be listed on the receipt you received when you purchased the gas. If you are itemizing your deductions on your federal return then you can choose to take the state and local sales tax deduction. You can either tally up all the sales taxes you paid in the year (you must have all receipts) or you can take the standard amount listed for your state in IRS Publication 600 based on your income and the exemptions you are claiming. If you take the standard amount, you are also allowed to add to it the sales tax you paid on certain big-ticket items like cars. Since the state and local sales tax deduction was only recently renewed, it does not appear on the 2006 schedule A. This is how the IRS says it should be claimed for those who want to claim it on their paper returns: "The deduction for state and local general sales taxes will be claimed on Schedule A (Form 1040), line 5, â€œState and local income taxes.â€ Enter "ST" on the dotted line to the left of line 5 to indicate you are claiming the general sales tax deduction instead of the deduction for state and local income tax." If you are filing electronically then your software should be doing this for you automatically. If one is in a state where there is an income tax, then they will have the option of either deducting their state income tax or their state and local sales tax...whatever is of more benefit to them.
3 :
If Florida does not have an state income tax, you may elect to deduct sales tax if you itemize, in the place where you'd list state and local income taxes if you had them. You only take these if you itemize. You have a choice - you can either save all your receipts, which would be really difficult, or you can take a standard amount that's allowed for your state and family size, and add sales tax paid on large purchases like a car. This was one of the breaks that was to expire in 2006, but was extended by Congress in December and signed by Bush.
4 :
IF you itemize(schedule A) deductions you can either deduct the greater of 1. State and Local taxes, or 2. Sales Taxes. Because Florida does NOT have income taxes, if you itemize you are most likely to deduct the sales taxes. remember any sales taxes not only for gas.