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Topic: After All the Hoopla in Congress...< Next Oldest | Next Newest >
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Ben2World Search for posts by this member.

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PostIcon Posted on: Jan. 03 2013, 10:09 pm  Skip to the next post in this topic. Ignore posts   QUOTE
Does anyone know if 2012 state sales taxes are still deductible, as in past years?

Just need to know for my federal tax estimates... nothing political, please.   :;):

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PostIcon Posted on: Jan. 03 2013, 11:47 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
I don't think that's the sort of thing they messed with.

Plan B?

Watch this space:
http://www.irs.gov/taxtopics/tc503.html

Once the "last updated on" date goes into 2013 it'll be reasonably solid.

ETA: The Enrolled Bill is easy enough to scroll through. They extended the deduction for state sales tax btw so I was wrong, they did mess with a lot of that.

http://thomas.loc.gov/cgi-bin/query/D?c112:5:./temp/~c1124tqlP8::
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PostIcon Posted on: Jan. 03 2013, 11:55 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
Washington state still has their deduction.  Not going to site for any other state, but assume so.

http://seattletimes.com/html....on.html
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PostIcon Posted on: Jan. 03 2013, 11:57 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
Thanks!  I read about WA state -- and I am thinking the sales tax deduction will likely continue into 2012 for Congress to approve WA's deduction specifically.

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PostIcon Posted on: Jan. 04 2013, 12:05 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
I also read that the IRS may not let people file until March and will delay refunds. Now I need to find that reference... That had me more wigged out then the tax cut expirations.  I like to file the SECOND I have all my paperwork in hand, hence I have been following these stories like a worried mama.  I'd file on New Years Day if I could....
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PostIcon Posted on: Jan. 04 2013, 12:06 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
"SEC. 205. EXTENSION OF DEDUCTION OF STATE AND LOCAL GENERAL SALES TAXES.
(a) In General- Subparagraph (I) of section 164(b)(5) is amended by striking `January 1, 2012' and inserting `January 1, 2014'.
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2011."
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PostIcon Posted on: Jan. 04 2013, 12:16 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
Thanks again, HSF.

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PostIcon Posted on: Jan. 04 2013, 12:44 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

(Ben2World @ Jan. 03 2013, 9:16 pm)
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Thanks again, HSF.

You're welcome.

The plus for me, as I often find, is after poking about to look into the post's question I now have a much better idea what the legislation contained. So poking about for an answer got me more informed. I might not have looked at the text if you hadn't asked about that specifically. So thanks!
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PostIcon Posted on: Jan. 04 2013, 5:48 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

(Ldyblade @ Jan. 04 2013, 12:05 am)
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I also read that the IRS may not let people file until March and will delay refunds. Now I need to find that reference... That had me more wigged out then the tax cut expirations.  I like to file the SECOND I have all my paperwork in hand, hence I have been following these stories like a worried mama.  I'd file on New Years Day if I could....

I think that was only a worry if the AMT hadn't been "fixed".  Since it was, I believe filing should happen on time.

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PostIcon Posted on: Jan. 04 2013, 1:33 pm Skip to the previous post in this topic.  Ignore posts   QUOTE

(JimInMD @ Jan. 04 2013, 5:48 am)
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I think that was only a worry if the AMT hadn't been "fixed".  Since it was, I believe filing should happen on time.

Well, it hasn't really been fixed, but at least it's indexed now.
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