Looking ahead to April 15th, tax day
Monday, January 17th 2005, 5:15 pm
By: News On 6
Tax day might still be three months away, but some folks are already working on their 2004 tax returns and finding new tax laws along the way.
H&R Block's Terrie Capener says this was an average year when it comes to changes to the tax code. You can now choose to deduct either your state withholdings or the total of the sales tax you pay all year, which means those big purchases could actually pay off come tax time.
"When you purchase a new vehicle, now you can write off you can now write off that sales tax, so if you buy a new car, a new truck, or two you can now use that sales tax for something. Whereas before, it was never written off. You couldn't use it anywhere."
Another special situation this year, any donations you make to American tsunami relief programs before the end of the month can count either on this year's, or next year's tax return.