Tax Tip
State Taxes May Be Deductible |
| Taxes Paid to States may be Deductible (6/20/2009): |
|
Even if you don't own a home you may still pay less tax if
you itemize. Take a look at the income taxes that you may
have paid to your state, city and/or county. Income taxes
paid by you to these governments are usually deductible. If
you had a sizeable amount of income taxes withheld from your
earnings, add up the taxes shown in boxes 17 and 19 on your
W-2s and compare the total to your standard deduction. If
the total taxes are greater there is a high probability that
you should itemize. If estimated tax payments have been paid to your state or local government, be sure to add these along with any money you sent with your previous year's state and local tax returns. You can also deduct overpayment amounts. If you overpaid on your previous year's state or local tax return and asked that it be to apply it to your this year's taxes instead of requesting a refund check, the amount that you overpaid is deductible. |
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