Last-chance opportunity to deduct general sales and use taxes

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. That's because, the option to deduct sales taxes is set to expire at the end of 2005. Accordingly, individuals who are considering the purchase of a big ticket item may want to push the purchase into this year to achieve a higher itemized deduction for sales taxes.

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About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >

Reed Tinsley, CPA for Physicians