Farmington, MO CPA / Thurman, Shinn & Company

Year-End planning: Last chance opportunity to deduct general sales and use taxes?

The next few months may provide a last chance opportunity for taxpayers who itemize deductions to deduct state and local sales taxes in lieu of state and local income taxes. That's because the option to deduct sales taxes is set to expire at the end of 2011. Accordingly, individuals who are considering the purchase of a big-ticket item may want to push the purchase into this year to achieve a higher itemized deduction for sales taxes.

Track Your Refund Find out when you'll receive your federal and state refund.		Tax Due Dates Please note the following tax due dates on your calendar, and come back often to keep up with the changes.
Tax Rates Tax rates change every year. Take a look at this year's tax rates.		Tax Forms & Publications Quickly view and print any IRS tax form or publication. Saves a trip to the post office.
Record Retention Guide Use this guide to determine how long you need to keep your tax and other financial records.		State Tax Forms Quickly print the tax forms you need from any State in the country.
Free Tax Organizer Don't miss any important deductions! Help us uncover hidden tax deductions by filling out this form.		1040 Tax Estimator How much tax will you pay this year? Will you get a refund? Enter your filing status, income, deductions and credits we will estimate your total taxes for the year.
Marginal Tax Rate Knowing your income tax rate can help you calculate your tax liability for unexpected income.		Sunset Relief Tax Act
Economic Stimulus Incentives In The 2010 Tax Relief Act		Estate and Gift Tax Relief in the 2010 Tax Relief Act
Business Tax Breaks Retroactively Reinstated and Extended by the 2010 Tax Relief Act		Energy-Related Tax Breaks & Disaster Relief Provisions
Tax Breaks For Individuals Retroactively Reinstated & Extended		What's new on the 2010 Form 1040 & Related Forms & Schedules?Part I

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