Every year about this time, I get a lot of questions about deducting sales tax paid versus state and local income tax paid on your federal income taxes. Mostly, this comes up because your pockets are stuffed with receipts and you’re wondering whether you should keep them. First, the important part: this option has been…
So, my father-in-law was saying that he always claimed the standard deduction, despite the fact that he would have saved more money by itemizing, just because it was easier. That brings up an interesting point… Why have itemized deductions at all? Why not just have everyone claim the standard deduction? So, today’s Fix the Tax Code Friday question is:…
I promised to comment on Bush’s proposals for tax reform following his State of the Union address (full text link here). Well… there’s not much to say. Bush punted on most of the economy issues, saying that he’d talk about them next week. And his health care based tax reform? I don’t anticipate that it will pass…