Tax Time

[Gio26NJ]

For those of us who bought our 2013 CX-5's in 2012. Do not forget to add the deduction of the State tax that you paid into this year's Tax Return . (Especially if you live in a state with no State Income Tax like Alaska, Florida, Nevada, New Hampshire, South Dakota, Texas, Washington, and Wyoming) This could be beneficial for many people, especially those who file themselves (TurboTax etc...) as there is no accountant to help remind you

Here's the calculator you can use right on the IRS website

http://apps.irs.gov/app/stdc/

Here's a couple of articles on it

http://blog.turbotax.intuit.com/2012/01/06/the-state-sales-tax-deduction/

http://www.kiplinger.com/article/taxes/T054-C000-S001-the-most-overlooked-tax-deductions.html

 

[STE92VE]

If I'm reading the articles correctly, you can either deduct state sales taxes paid or state income taxes paid, not both. If you earned enough to buy a new CX-5, you're state income taxes are probably higher than state sales tax paid on your purchase, unless you possibly bought a fleet of CX-5's!

 

[jtl]

That is probably correct because if you have a State income tax you would likely deduct the sales tax on that return.