IRS releases sales tax deduction calculator
ST. LOUIS (KPLR) – Several popular tax deductions that were set to expire got a last-minute reprieve from Congress.
One of the most significant is the option to deduct state and local sales taxes. But many may be asking, who actually saves every single receipt and knows exactly how much they paid in sales tax?
Fortunately, the IRS understands this and has a calculator you can use to figure out how much you can deduct. It’s based on the state you live in and how much money you make.
If you paid sales tax on any big-ticket items, you can add the amount of sales tax you actually paid to your calculated deduction.