4 Money-Saving Tax Deductions To Consider This Year
State and Local Sales Tax
If you file a Form 1040 in United States, and categorize deductions on Schedule A, you have the option of claiming either state and local income taxes or state and local sales taxes.
If you saved your receipts throughout the year, you can add up the total amount of sales taxes you paid and claim that amount. If you did not save your receipts, you can still choose to claim state and local sales taxes. You have to fill out the worksheet and use the optional general sales tax tables in the Instructions on form.
In India Sales Tax is levied on the sale of moveable goods. Over a period of time, most State Governments in India have replaced their local sales tax legislation with a more progressive and simplified way, i.e. Value Added Tax.
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