Go Back   CDN Business Directory > Main Category > Taxes

 
 
Thread Tools Display Modes
  #29  
Old 11-12-2004, 05:38 AM
Mark Rigotti, CPA
Guest
 
Posts: n/a
Default Re: sales tax deduction

"Harlan Lunsford" <hlunsford[at]bellsouth.net> wrote:
- quote -

> Mark Rigotti, CPA wrote:
> > "Tom Healy" <thealycpa1[at]aol.com> wrote:


> > > > It used to have charts, back when sales tax was deductible
> > > > many years ago. Would it be reasonable to use those
> > > > (assuming you could find them)?
> > > > > > > Assuming you could find the charts/tables, they would be in
> > > > 1985 dollars. You sure you want to do that?


> > > I found them in the 1985 Package X (yes, I still have those
> > > going back to when I first started in 1979).


> > Tom,
> > > Now you're dating yourself. Unfortunately, I've got you

> > beat. I've got '78 on my shelf.


> Anybody need 1955 tables? For sale. Good price. Accurate.


In 1955 I was not even a smile on my ma or dads face. They
met in '56 and married in '57.

<BG
--
Regards,

Mark Rigotti

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #28  
Old 11-12-2004, 05:38 AM
Arthur Kamlet
Guest
 
Posts: n/a
Default Re: sales tax deduction

Harlan Lunsford <hnslunsford[at]bellsouth.net> wrote:
- quote -

> Mark Rigotti, CPA wrote:
> > "Tom Healy" <thealycpa1[at]aol.com> wrote:


> > > > It used to have charts, back when sales tax was deductible
> > > > many years ago. Would it be reasonable to use those
> > > > (assuming you could find them)?
> > > > > > > Assuming you could find the charts/tables, they would be in
> > > > 1985 dollars. You sure you want to do that?


> > > I found them in the 1985 Package X (yes, I still have those
> > > going back to when I first started in 1979).


> > Tom,
> > > Now you're dating yourself. Unfortunately, I've got you

> > beat. I've got '78 on my shelf.


> Anybody need 1955 tables? For sale. Good price. Accurate.


Let me guess: BIR and not IRS?

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #27  
Old 11-09-2004, 08:44 PM
Harlan Lunsford
Guest
 
Posts: n/a
Default Re: sales tax deduction

Mark Rigotti, CPA wrote:
- quote -

> "Tom Healy" <thealycpa1[at]aol.com> wrote:

> > > It used to have charts, back when sales tax was deductible
> > > many years ago. Would it be reasonable to use those
> > > (assuming you could find them)?
> > > > > Assuming you could find the charts/tables, they would be in
> > > 1985 dollars. You sure you want to do that?


> > I found them in the 1985 Package X (yes, I still have those
> > going back to when I first started in 1979).


> Tom,
> Now you're dating yourself. Unfortunately, I've got you
> beat. I've got '78 on my shelf.


Anybody need 1955 tables? For sale. Good price. Accurate.

ChEAr$,
Harlan Lunsford, EA n LA
Mon, 8 Nov 2004 20:03:32

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #26  
Old 11-09-2004, 08:24 PM
Milt Baker
Guest
 
Posts: n/a
Default Re: sales tax deduction

"Joan Kaapke" <joan_kaapke[at]nosyahoo.com> wrote:

- quote -

> I live in Texas and plan to itemize for 2004. I understand
> I may be able to deduct sales tax. I don't have receipts,
> so am wondering if there will be a table I can use to claim
> the deduction? Sales tax here is 8.25%.


Monday, November 08, 2004
IRS Sales Tax Tables May Offer Lower Deductions Than Expected

Tables that the IRS is developing to implement the new sales
tax deduction enacted under the export tax law will likely
provide smaller values than expected, reducing the
likelihood that those in states with income taxes will take
the deduction, congressional sources say. The tables will
probably provide values that seem low in light of the
provision's cost of about $5 billion over two years, the
sources say. Both the JCT and CRS have estimated the cost of
the sales tax deduction at between $4.5 billion and $5
billion. The tables will provide the only likely means of
taking the deduction for 2004, given that it was enacted
late in the year and taxpayers probably have not been saving
receipts to support a greater deduction.

Milt Baker CPA Michigan


<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #25  
Old 11-09-2004, 08:05 PM
CBotella
Guest
 
Posts: n/a
Default Re: sales tax deduction

- quote -

> I found them in the 1985 Package X
> I've got '78 on my shelf.


Boy, you guys are making feel like a baby!
I only go back to 1991.

Kate, EA in PA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #24  
Old 11-08-2004, 10:31 PM
MTW
Guest
 
Posts: n/a
Default Re: sales tax deduction

Frederick Jorden wrote:

- quote -

> But if the IRS fails to provide the required tables by the
> due date of the return the taxpayer may have no choice but
> to guestimate the deduction by judicious application of the
> old tables.


According to the current issue of the Kiplinger Tax Letter
(a fairly reliable source on beltway scuttlebutt), the IRS
plans to release tables in mid-December. We'll see... <g
My state (WA) DOR has acknowledged the new deduction but
defers to the IRS site for additional information. So, I'm
not expecting to see any locally generated tables here.

If all else fails, I will probably use the Texas table and
adjust it upward for our slightly higher rate.

MTW

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #23  
Old 11-08-2004, 10:11 PM
Mark Rigotti, CPA
Guest
 
Posts: n/a
Default Re: sales tax deduction

"Tom Healy" <thealycpa1[at]aol.com> wrote:

- quote -

> > It used to have charts, back when sales tax was deductible
> > many years ago. Would it be reasonable to use those
> > (assuming you could find them)?
> > > Assuming you could find the charts/tables, they would be in

> > 1985 dollars. You sure you want to do that?


> I found them in the 1985 Package X (yes, I still have those
> going back to when I first started in 1979).


Tom,

Now you're dating yourself. Unfortunately, I've got you
beat. I've got '78 on my shelf.

--
Regards,

Mark Rigotti

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #22  
Old 11-08-2004, 09:33 PM
A.G. Kalman
Guest
 
Posts: n/a
Default Re: sales tax deduction

Harlan Lunsford wrote:
- quote -

> Frederick Jorden wrote:

> > But if the IRS fails to provide the required tables by the
> > due date of the return the taxpayer may have no choice but
> > to guestimate the deduction by judicious application of the
> > old tables.


> And that of course is exactly what I'll do, dust off the old
> tables, but surely IRS can and will react in time.
> Hmm, wonder how much I can sell copies of those old tables
> for? anybody need them? After all, somebody photocopies an
> old 1913 1040 form (whatever it was called then) and made a
> mint hawking to accountants to hang on the wall.


> > Now the individual states could prepare tables for their
> > taxpayers. They in fact may have a much better handle on how
> > much their taxpayers pay in sales taxes.


> Not too hopeful on this point. Not even sure if Alabama
> will even pass legislation conforming to federal in this
> area. and even Georgia might not conform.
> It's going to be an interesting tax season, I think.


I'm about 95% sure that the IRS has said that they will have
the sales tax tables available. The only adjustment allowed
by the taxpayer is the addition of motor vehicle and/or boat
sales tax plus any adjustment for local sales tax. E.g.,
the state tax in CA is 6.25%. LA County tax is 8.25%.
Taxpayers in LA County could add another 32% to the table
amount.

--
Alan
http://taxtopics.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #21  
Old 11-06-2004, 11:38 PM
Joan Kaapke
Guest
 
Posts: n/a
Default Re: sales tax deduction

"Frederick Jorden" <knowtax[at]bigfoot.com> wrote:
- quote -

> Harlan Lunsford wrote:
> > Frederick Jorden wrote:


> > > But if the IRS fails to provide the required tables by the
> > > due date of the return the taxpayer may have no choice but
> > > to guestimate the deduction by judicious application of the
> > > old tables.


> > And that of course is exactly what I'll do, dust off the old
> > tables, but surely IRS can and will react in time.
> > > Hmm, wonder how much I can sell copies of those old tables

> > for? anybody need them? After all, somebody photocopies an
> > old 1913 1040 form (whatever it was called then) and made a
> > mint hawking to accountants to hang on the wall.


> > > Now the individual states could prepare tables for their
> > > taxpayers. They in fact may have a much better handle on how
> > > much their taxpayers pay in sales taxes.


> > Not too hopeful on this point. Not even sure if Alabama
> > will even pass legislation conforming to federal in this
> > area. and even Georgia might not conform.
> > > It's going to be an interesting tax season, I think.


> I did not presume that states would jump to conformity but
> that they would as a service to their citizens provide a
> table that would help in the preparation of the 1040.


I found a pending sales tax table for the state of Texas at
www.window.state.tx.us/specialrpt/deduction04/
The source for this table is Carole Keeton Strayhorn, Texas
Comptroller. I hope this will be helpful to those residents
of Texas. I assume they will have a final table by the end
of January or February.

Joan

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #20  
Old 11-06-2004, 11:19 PM
Tom Healy
Guest
 
Posts: n/a
Default Re: sales tax deduction

- quote -

> It used to have charts, back when sales tax was deductible
> many years ago. Would it be reasonable to use those
> (assuming you could find them)?
> Assuming you could find the charts/tables, they would be in
> 1985 dollars. You sure you want to do that?


I found them in the 1985 Package X (yes, I still have those
going back to when I first started in 1979).

--
Thomas E Healy, CPA, PC
1650 38th St., Ste 202W
Boulder, CO 80301
Please send email to: tom[at]tomhealycpa.com, since I block all email at my
newsgroup address.
phone (303) 443-1804
fax (720) 489-3772

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #19  
Old 11-05-2004, 08:58 AM
Phoebe Roberts, EA
Guest
 
Posts: n/a
Default Re: sales tax deduction

Frederick Jorden wrote:

- quote -

> Now the individual states could prepare tables for their
> taxpayers. They in fact may have a much better handle on how
> much their taxpayers pay in sales taxes.


Texas appears to have done just such a thing, albeit as
part of the lobbying to get a sales tax deduction:
http://www.window.state.tx.us/specialrpt/deduction04/

Phoebe

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #18  
Old 11-05-2004, 08:39 AM
Frederick Jorden
Guest
 
Posts: n/a
Default Re: sales tax deduction

Harlan Lunsford wrote:
- quote -

> Frederick Jorden wrote:

> > But if the IRS fails to provide the required tables by the
> > due date of the return the taxpayer may have no choice but
> > to guestimate the deduction by judicious application of the
> > old tables.


> And that of course is exactly what I'll do, dust off the old
> tables, but surely IRS can and will react in time.
> Hmm, wonder how much I can sell copies of those old tables
> for? anybody need them? After all, somebody photocopies an
> old 1913 1040 form (whatever it was called then) and made a
> mint hawking to accountants to hang on the wall.


> > Now the individual states could prepare tables for their
> > taxpayers. They in fact may have a much better handle on how
> > much their taxpayers pay in sales taxes.


> Not too hopeful on this point. Not even sure if Alabama
> will even pass legislation conforming to federal in this
> area. and even Georgia might not conform.
> It's going to be an interesting tax season, I think.


I did not presume that states would jump to conformity but
that they would as a service to their citizens provide a
table that would help in the preparation of the 1040.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #17  
Old 11-04-2004, 08:50 AM
Don Priebe
Guest
 
Posts: n/a
Default Re: sales tax deduction

- quote -

> Now the individual states could prepare tables for their
> taxpayers. They in fact may have a much better handle on how
> much their taxpayers pay in sales taxes.


And their motivation for telling the people how much is
costs to live in their fair state is ... ?

--
Don EA in Upstate NY

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #16  
Old 11-04-2004, 08:12 AM
Harlan Lunsford
Guest
 
Posts: n/a
Default Re: sales tax deduction

Frederick Jorden wrote:

- quote -

> But if the IRS fails to provide the required tables by the
> due date of the return the taxpayer may have no choice but
> to guestimate the deduction by judicious application of the
> old tables.


And that of course is exactly what I'll do, dust off the old
tables, but surely IRS can and will react in time.

Hmm, wonder how much I can sell copies of those old tables
for? anybody need them? After all, somebody photocopies an
old 1913 1040 form (whatever it was called then) and made a
mint hawking to accountants to hang on the wall.

- quote -

> Now the individual states could prepare tables for their
> taxpayers. They in fact may have a much better handle on how
> much their taxpayers pay in sales taxes.


Not too hopeful on this point. Not even sure if Alabama
will even pass legislation conforming to federal in this
area. and even Georgia might not conform.

It's going to be an interesting tax season, I think.

ChEAr$,
Harlan Lunsford, EA n LA
Mon, 1 Nov 2004 16:22:46

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #15  
Old 11-04-2004, 07:14 AM
Seth Breidbart
Guest
 
Posts: n/a
Default Re: sales tax deduction

Herb Smith <smithff33[at]aol.com> wrote:
- quote -

> sethb[at]panix.com (Seth Breidbart) wrote:
> > Bruce Raskin CPA <braskincpa[at]aol.com> wrote:


> > > Unfortunately, the IRS has said it will not have the charts
> > > ready untiol much later in 2005 if at all that year.


> > It used to have charts, back when sales tax was deductible
> > many years ago. Would it be reasonable to use those
> > (assuming you could find them)?


> Assuming you could find the charts/tables, they would be in
> 1985 dollars. You sure you want to do that?


The income they were based on was in 1985 dollars, too.

I'd make the argument that those are the most recent tables
published by the IRS for this purpose. If the IRS thinks
they're obsolete, it can publish new ones at any time.

Seth

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #14  
Old 11-01-2004, 08:31 PM
D. Stussy
Guest
 
Posts: n/a
Default Re: sales tax deduction

Harlan Lunsford wrote:

- quote -

> ... After ALL; we have to be fair, don't we? grin

FAIR is a four letter word starting with an "F". :-)

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #13  
Old 11-01-2004, 08:11 PM
Frederick Jorden
Guest
 
Posts: n/a
Default Re: sales tax deduction

Harlan Lunsford wrote:
- quote -

> Seth Breidbart wrote:
> > Bruce Raskin CPA <braskincpa[at]aol.com> wrote:


> > > Unfortunately, the IRS has said it will not have the charts
> > > ready untiol much later in 2005 if at all that year.


> > It used to have charts, back when sales tax was deductible
> > many years ago. Would it be reasonable to use those
> > (assuming you could find them)?


> It may be a little more complicated than that. first place,
> those charts were constructed based on AGI's common to the
> 1970's and early 1980's. Over a certain amount one would
> make an added adjustment, and not just pro rata, either as I
> recall.
> Secondly, some states have modified what is and is not
> taxable Example is Georgia which does not taxes groceries
> these days. Prepared foods yes, but staples, no. So the
> Georgia chart would need to be shaved a wee bit to adjust
> for this. Some states don't tax prescription drugs, so
> resumably they would also get a shave. After ALL; we have
> to be fair, don't we? grin


But if the IRS fails to provide the required tables by the
due date of the return the taxpayer may have no choice but
to guestimate the deduction by judicious application of the
old tables.

Now the individual states could prepare tables for their
taxpayers. They in fact may have a much better handle on how
much their taxpayers pay in sales taxes.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #12  
Old 10-31-2004, 03:32 PM
Harlan Lunsford
Guest
 
Posts: n/a
Default Re: sales tax deduction

Seth Breidbart wrote:
- quote -

> Bruce Raskin CPA <braskincpa[at]aol.com> wrote:

> > Unfortunately, the IRS has said it will not have the charts
> > ready untiol much later in 2005 if at all that year.


> It used to have charts, back when sales tax was deductible
> many years ago. Would it be reasonable to use those
> (assuming you could find them)?


It may be a little more complicated than that. first place,
those charts were constructed based on AGI's common to the
1970's and early 1980's. Over a certain amount one would
make an added adjustment, and not just pro rata, either as I
recall.

Secondly, some states have modified what is and is not
taxable Example is Georgia which does not taxes groceries
these days. Prepared foods yes, but staples, no. So the
Georgia chart would need to be shaved a wee bit to adjust
for this. Some states don't tax prescription drugs, so
resumably they would also get a shave. After ALL; we have
to be fair, don't we? grin

ChEAr$,
Harlan Lunsford, EA n LA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #11  
Old 10-31-2004, 03:13 PM
Herb Smith
Guest
 
Posts: n/a
Default Re: sales tax deduction

sethb[at]panix.com (Seth Breidbart) wrote:
- quote -

> Bruce Raskin CPA <braskincpa[at]aol.com> wrote:

> > Unfortunately, the IRS has said it will not have the charts
> > ready untiol much later in 2005 if at all that year.


> It used to have charts, back when sales tax was deductible
> many years ago. Would it be reasonable to use those
> (assuming you could find them)?


Assuming you could find the charts/tables, they would be in
1985 dollars. You sure you want to do that?

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
  #10  
Old 10-31-2004, 02:35 PM
D. Stussy
Guest
 
Posts: n/a
Default Re: sales tax deduction

Seth Breidbart wrote:
- quote -

> Bruce Raskin CPA <braskincpa[at]aol.com> wrote:

> > Unfortunately, the IRS has said it will not have the charts
> > ready untiol much later in 2005 if at all that year.


> It used to have charts, back when sales tax was deductible
> many years ago. Would it be reasonable to use those
> (assuming you could find them)?


1) The sales tax rate may have changed since 1986.
2) Cost of living and other adjustments may make the
amounts "wrong" for today.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
 

Tags
deduction, sales, tax
Similar Threads
Thread Forum Replies Last Post
Sales Tax
R. Ian Lee: I live in a state that does not have an income tax, but instead has a sales tax. Since we can deduct the sales tax on our income tax return, I...
Microsoft Money 4 05-20-2008 12:00 AM
NYS Sales & Use Tax
icepal1999: So we all know that NYS is coming after us for our Internet/Catalog/Out of State Purchases. Here are my questions: 1) Are they going to subpoena...
Taxes 27 02-25-2004 03:24 PM
Sales tax
anil: Having never done sales tax returns, please let me know on the following, in california what form is used to report taxable sales, how are returns...
Taxes 3 09-23-2003 04:22 AM



Thread Tools
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

All times are GMT. The time now is 10:50 AM.