Business Services Industry
IRS calculators for sales tax deduction and alternative minimum tax.(FILING SEASON)
Kiplinger Tax Letter, The, February, 2007
You can use the IRS' handy online sales tax deduction calculator instead of the usual tables to figure your write-off. Congress didn't act in time to revive the deduction, so the tables aren't in the 1040 package. To use the tool, go to http://apps.irs.gov/app/stdc and enter your state, income range and any additional tax that you paid on a vehicle or a boat.
But think twice before using another IRS calculator for the AMT.
This tool can't be used if you have many common AMT preferences. They include incentive stock options, interest on most home equity loans, accelerated depreciation and interest from private activity tax-exempts.
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