Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Using Sales Tax deduction
Old 03-24-2010, 08:42 AM   #1
Thinks s/he gets paid by the post
walkinwood's Avatar
Join Date: Jul 2006
Location: Denver
Posts: 2,767
Using Sales Tax deduction

In 2009, there was the option of deducting Sales Taxes instead of State/Local taxes if the former was greater. This has not yet been renewed for 2010, but I've read that it may.

For those already ER'd or Semi-ER'd, do you keep track of sales taxes and use this deduction? Does the sales tax paid exceed your state income tax?

I have just started keeping track of Sales taxes paid and find that it is quite a bit of work. I have to 'split' every transaction in Quicken & then keep the receipts for the records.

Any tips to make this easier?

Thank you.

walkinwood is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-24-2010, 09:33 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,340
I keep track of everything and don't know of a way to make the process "easier." However, since we are not consumers in any real sense, our actual Sales Tax expenditures are only about a third of the State/Local taxes allowed. (The one exception was the year we purchased the RoadTrek.)
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Tax: Mileage Deduction Question TromboneAl FIRE and Money 19 02-09-2009 03:34 PM
MBA Tax Deduction Minesweeper FIRE and Money 3 02-06-2009 07:54 AM
Tax deduction for moving expenses? Tom52 FIRE and Money 2 01-18-2009 02:21 PM
Quick Tax Question re Tuition Deduction TromboneAl FIRE and Money 19 01-31-2007 12:22 PM
itemized sales tax deduction vic FIRE and Money 5 06-20-2005 01:04 PM


All times are GMT -6. The time now is 11:48 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.