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Recent News and Articles on the Keywords: tax + sales + deducting  Related to the article below (Last Update: 8/4/2008)

Plum Creek's tax-free land sale
Billings Outpost, MT -
... you?re taxed on the amount of money you made, not the whole amount, so you?re allowed to deduct the initial cost of the land from the gross sales price. ...PCL

Earthtimes (press release)
TreeHouse Foods, Inc. Reports Second Quarter Results
Earthtimes (press release), UK -
The direct operating income for our segments is determined by deducting manufacturing costs from net sales and deducting direct operating costs such as ...
Xantrex(TM) Technology Inc. Reports 2008 Second Quarter MarketWatch
Patriot Coal Announces Results for the Quarter Ended June 30, 2008 istockAnalyst.com
Rogers Reports Second Quarter 2008 Financial and Operating Results PR Newswire (press release)
Trading Markets (press release) - Earthtimes (press release)
all 870 news articles »  PCX - MWRK - RCI
Is Latest Tax Proposal A Good Idea?
620 WDAE The Sports Animal, FL - Aug 3, 2008
Lawmakers would be given a wide latitude to find other ways to make up the difference, but it would most likely be through a 1 percent sales tax increase ...

Washington Post
Little-known provisions of housing bill
San Francisco Chronicle,  USA - Aug 2, 2008
Carol Guthrie, a spokeswoman for the Senate Finance Committee, says merchants can still deduct those amounts when they file their tax returns. ...
The Hidden Tax Traps In The Housing-rescue Bill FOXBusiness
all 47 news articles »
Why not tax write-offs for women's pleasures, too?
Houston Chronicle, United States - Aug 2, 2008
They can't deduct the whole thing because the IRS looks askance at deducting any business meeting held where there are "substantial distractions. ...
Revenue collection hit by rising global oil prices
Daily Monitor, Uganda -
These increases impacted on other items that contribute to revenues significantly like alcohol whose sales declined by 0.45 per cent from last financial ...
Keep records of charitable donations
Arizona Republic, AZ - Aug 3, 2008
Question: I would like to give clothing and furniture to charity and take the tax deduction. How do I figure the value of the donated items? ...
Money matters
Livemint, India - Aug 3, 2008
As of now, dividend income is exempt from tax. Interest from fixed deposits and gains from sale of shares and mutual funds are taxable in the short term and ...
New Housing Bill Spells Relief for First-Time Home Buyers, Non ...
MarketWatch - Jul 31, 2008
The Tax Institute at H&R Block reports that the legislation will have a positive impact on taxpayers by making it easier to buy a first home and deduct real ...NBO:HOUS - HRB
Tax liability on ESOP
Business Line, India - Aug 2, 2008
Sridhara Murthy Your son will not be required to deduct tax at source under Section 194-I of the Act. Section 44AB requires an audit to be done under that ...
Source: Google News

[PDF] Goring the Wrong Ox: A Defense of the Mortgage Interest Deduction -
SE Woodward, JC Weicher - National Tax Journal, 1989 - ntj.tax.org
... can be captured with a "due on sale" the after ... the rent/ in the late 1970s when many
sales in- buy ... still pays tax on interest earned, but does full depreciation ...

Electronic cash register capable of calculating sales tax -
A Tsujikawa, Y Morimoto - US Patent 3,946,217, 1976 - freepatentsonline.com
... area 101 where the full cycle of imposable tax in Part B ... B.sub.m and the taxable
amount of sales TXBL. Assuming that the taxable amount of sale TXBL exceeds the ...

Tax planning, earnings management, and the differential information content of bank earnings …
T Warfield, T Linsmeier - The Accounting Review, 1992 - JSTOR
... on future bank cash flows, whereas a sale of investment ... to manage the timing of
investment securities sales. ... that our tests of the tax- planning hypothesis are ...

Tax Holidays and Tax Noncompliance: An Empirical Study of Corporate Tax Audits in China's Developing … -
KH Chan, PL Lan Mo - The Accounting Review, 2000 - atypon-link.com
... or irregularities resulting from noncom- pliance with tax rules and ... from underreporting
sales revenue, overstating cost of sales, deducting expenses without ...

[BOOK] Blueprints for Basic Tax Reform
DF Bradford - 1984 - Tax Analysts

[PDF] Congressional Budget Office
US Congress - Budget and Economic Outlook for Fiscal Years, 2007 - cbo.gov
... over 55 to exclude up to $125,000 of gain from one home sale, even if they ... The option
in 1982 was to tax 10 percent of the capital gains on home sales. ...

[BOOK] The Flat Tax
RE Hall, A Rabushka - 1995 - books.google.com
Robert E. Hall Alvin Rabushka I Form 1 Individual Wage Tax The Your first name and
initial (if joint retum, also give spouse s name and inrtal] Your social ...

[PDF] A Tax System for the Twenty-First Century -
DF Bradford - Toward Fundamental Tax Reform, 2005 - 64.78.48.77
... in France, and breaks even on the sale in New ... the purchase amount is deducted from
the sales proceeds in ... a destina- tion basis, and the US business tax rate is ...

[PDF] The Mexican Value-Added Tax (VAT): Methodology for Calculating the Base -
CA Aguirre, P Shome - National Tax Journal, 1988 - ntj.tax.org
... 1 and 5 are di- moved from the tax creditable on ... a. Sales (for the calculation of
VAT to d ... product plus imports minus calculated, after deducting the exempted ...

The Compliance Cost of Itemizing Deductions: Evidence from Individual Tax Returns -
MM Pitt, J Slemrod - American Economic Review, 1989 - JSTOR
... US income tax system allows tax- payers to deduct certain expenses ... extent of itemization,
including the disallowance of the sales tax deduction, phaseout of ...

Source: Google Scholar
 
 

Deducting sales tax of building materials

We live in Texas, which does not have an income tax, so we take the sales tax deduction. In addition to the standard table deduction, you can deduct large expenses including "materials to build a home." We are building a home and using a general contractor. We are paying him on a cost-plus basis. He collects the bills, including sales tax, and pays them with funds from draws on our construction loan. Are these sales taxes still deductible even though he is technically paying the bill?
-- Janet

Article continues below and (thank you)
 

Back before 1986, individuals could claim a deduction for the state and local sales tax. In the interest of tax simplification and lower tax rates, the deduction was eliminated. Around the time of the presidential elections in 2004, as part of a corporate income tax overhaul (the deduction has nothing to do with corporations), the president sought and Congress allowed a deduction for state sales tax in lieu of the deduction for state income taxes.

If you lived in a swing state, such as Florida, or in a favorite state, such as Texas, where there is no income tax, it was a great benefit for the electorate to deduct sales tax. Well, lo and behold, here we are in the elections of 2006 and no one thought to extend this tax deduction, which expired in 2005. It's obviously not going to get extended until Congress reconvenes after the elections, but there is talk that it will be reinstated, maybe even for 2006.

In any event, if Congress does get around to reinstating the deduction for 2006, it won't help you on the building contract. Since you are not the purchaser of the building supplies, you will not be entitled to the deduction even if the contractor bills you separately for the purchases. This matter was decided in several court cases dating from the 1960s.
 
 
 
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