Taxpayers, you should schedule a report to report deductible taxes paid on the 1040 returns. - Taxpayers can deduct state and local taxes they have paid by choosing either income taxes or general sales taxes. - State and local income taxes include those that are withheld from health and salary, as well as estimated payments made throughout the year. - State and local general sales taxes can be computed using actual expenses or optional sales tax tables. The instructions for schedule A, subject to publication 530, provide more information on this. - Real estate taxes include state, local, and foreign taxes paid on real estate that you own. - Publication 530 explains the deductions that homeowners can take. You can find a direct link to publication 530 immediately below this video. - Personal property tax paid on items of value is deductible, along with any other income tax paid to a foreign country or US possession. - Please see our other videos where each section of schedule A is covered in more detail. - Thanks for watching, and that's your one-minute business brief.
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Video instructions and help with filling out and completing Are Form 843 PDF
