Electing to Deduct Sales Tax


The election to deduct sales tax on your tax return only applies to taxpayers who itemize their deductions. Normally, if you're itemizing, you should hire a licensed tax professional to prepare your taxes for you. Itemizing can quickly become complex, involve more details in the preparation process, involve strategy for maximizing deductions and minimizing tax and most importantly take up lots of your time.

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Start Planning for Next Year's Taxes

You can start planning now for filing your taxes next year. Being organized and planning ahead can save you time and money. Now is a good time to set up a system to keep your tax records safe and easy to find.

1. Store your 2015 tax return in a safe place. Keep a copy of the return and supporting records, including W-2, Forms 1099, bank records and health insurance coverage.

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