Respuesta :
Only those who exceeded their standard deduction in itemized deductions (including state income tax).
Can federal income tax be offset by state income tax?
State and local income, sales, and property taxes paid by an individual may only be written off up to a maximum of $10,000 ($5,000 if married filing separately). Some of your other itemized deductions may also be subject to a cap.
What is covered by the deduction for state and local taxes?
To begin with, keep in mind that a tax deduction essentially refers to any expense that can be used to reduce your taxable income. You can deduct up to $10,000 of your state and local property taxes, as well as your state income or sales taxes, under the state and local tax deduction.
Can sales tax be written off when filing your income tax?
When itemizing your deductions, the Internal Revenue Service (IRS) allows you to deduct either your state and local sales taxes or income taxes.
To Know more about deductions
https://brainly.com/question/3158031
#SPJ4
Otras preguntas
