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If you live in one of these states, you could be overpaying on taxes
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Monday, March 15, 2010
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By Dr. David Eifrig in Retirement Millionaire:

If you live in the following nine states, don't forget to deduct your sales tax on your federal 1040 income tax return: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming.

The IRS allows you to deduct either income taxes or sales tax - whichever is greater. And those nine states don't levy income taxes.

So if you live in any of them, be sure to keep records of any large ticket items you buy. Even if you keep poor records, the IRS has a simple calculator to help you determine the taxes you've probably paid and can deduct.

Crux Note: To access some of the world's best insights on saving money... staying healthy... food and wine... travel... entertainment... and the absolute safest investments for retirees, click here.

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Topics: Taxes | Saving money | Cruxallaneous
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