Tax Tip: New State Sales Tax Calculator

From IRS.gov:

The Sales Tax Calculator is another interactive tool on the IRS.gov web site designed to help make it easier for taxpayers to figure their taxes,” said IRS Commissioner Mark W. Everson.

Taxpayers who itemize deductions on Schedule A of the Form 1040 in 2006 have the option of deducting the amount of state and local sales taxes paid instead of deducting their state and local income taxes paid. Taxpayers cannot take a deduction for both sales and income taxes.

The Tax Calculator is anonymous, you don’t have to enter your name or SSN. —MEGHANN MARCO

State Sales Tax Calculator [IRS]

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  1. Frank Grimes says:

    Sweet, that will help because the tables on their web site were a pain in the ass…I always feel living in TX that this is such a huge bonus for us because we have no state income tax, can write off our property tax (which is outrageous, but the state needs something) and can simply use the IRS calculator even though we may or may not have actually spent that much. Hey, it’s the government, they must be right. Right?

  2. bhall03 says:

    Beware…I used this for FL and it provided an incorrect amount. It said based on my zip that I should receive both a state and local adjustment. However, FL does not qualify for the local adjustment.

    You should also review the actual tax tables to verify the accuracy of their tool.