Since I have a major purchase with over $1,000 in sales tax I want to add all the other sales taxes that I paid last year so I can deduct them on my income tax retrun. However,I don’t know how to figure tha sales tax portion on my gas purchases.
4 Comments Already
September 2nd, 2010 @11:15 pm
Use the table if you do not have receipts.
Some states (Florida for example) do not charge sales tax on gas. They impose a gas tax instead. If so, that tax is not deductible.
September 2nd, 2010 @11:53 pm
As far as I was told you can’t deduct gas from your taxes. Unless your a car dealership, even then its tricky. Ask an accountant. Besides, that part about sales tax only applies to purchases made outside New York. (over Internet etc.) FYI, gas prices have all taxes included. You would have to ask the station owner to break it down for you. Don’t think that’s going to happen.
September 3rd, 2010 @12:37 am
Gasoline taxes are not sales taxes. At the Federal level and in many states, gasoline is taxed per gallon, not as a percentage of the sales price. In any case, taxes on gasoline are specifically listed as not deductible.
The taxes on gasoline don’t qualify for the sales tax deduction.