January 31st, 2016
TAX TIP OF THE DAY... seniors should deduct SALES TAX
Retired seniors will pay very little in PA and Local income taxes. So the alternate deduction of SALES TAX PAID should be pursued. The IRS has a standard sales tax table which eliminates the need to keep sales tax receipts. However those seniors that do keep track of their receipts are welcome to use their own calculations... especially if their calculations exceed the standard IRS table amounts. Ask your tax preparer about additional amounts that can be added to the IRS tables for home improvements and automobile/motorcycle/RV purchases.
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David S. Baboian, CPA