Comments on: Tax Deductions Extension: Property Tax, Sales Tax, College Tuition and More

By: Orlando CPA

Orlando CPA — Tue, 11 Jan 2011 19:45:56 +0000

I believe it is time for an update, maybe you have already done this.

By: TFB

TFB — Sat, 08 Jan 2011 23:40:09 +0000

@Greg – The bill referred to in this article didn’t pass. Some of the provisions like the sales tax deduction were passed in the Bush tax extension package. Some, like the $500/$1,000 extra deduction for property tax didn’t pass.

By: Greg Stathis

Greg Stathis — Sat, 08 Jan 2011 14:59:38 +0000

What is the date of this article?

By: vbscript2

vbscript2 — Thu, 06 Jan 2011 04:02:20 +0000

Ted, consider yourself lucky… I also live in TN and in my county we pay an even more insane 9.75% (which state law sets as the legal maximum for a county to charge.) Horray for tax-free internet shopping! Constitutional ban on states regulating interstate commerce for the win.

By: TFB

TFB — Wed, 02 Jun 2010 20:40:30 +0000

Eric – This extenders bill does not have an AMT patch for 2010. It’s weird they say they don’t have the revenue to fix AMT permanently but they still manage to extend a patch year after year. Congress needs to make up its mind. If it’s going to be extended every year, you might as well index it. If it has to drop back to $45,000 or $X, do it, but index it for inflation afterward. Pick a number and be done with it. It’s a huge waste of time having to legislate one year at a time.

By: Eric

Eric — Tue, 01 Jun 2010 14:04:26 +0000

Any news on extension of the AMT exemption amount? It’s annoying that it always threatens to drop back to $45,000, even though it was $70,950 last year. That’s a signficant uncertainty in a tax liability.

How do people decide their withholding? Just assume it won’t be lower than the previous year?

Eric

By: Ted Valentine

Ted Valentine — Thu, 27 May 2010 02:38:36 +0000

In Tennessee I LOVE the sales tax deduction where we pay an insane 9.25%.

By: TFB

TFB — Wed, 26 May 2010 00:43:34 +0000

Jim – Thank you. Corrected.

By: Jim Foley

Jim Foley — Wed, 26 May 2010 00:37:13 +0000

FYI.
This extension really won’t benefit New Hampshire residents as their State has no Income Tax AND no Sales Tax. This is my kind of State!

By: KD

KD — Wed, 26 May 2010 00:07:17 +0000

yay! to the $500 or $1,000 property tax deduction for people who don’t itemize. I know am selfish on this. But I pay 8.517% sales tax on all goods and services and a 5.5% state income tax.