Tag Archives: 2018 tax reform

A Few Tips For Your State And Local Taxes

Most people have creative ways to save on their federal taxes, but miss out on tips to maximize their local, state tax refund. Your State collects a portion of taxes from your income, and you’re entitled to a portion of that back each year. It is drawn from a taxpayer’s taxable income by the state. Your state income taxes are an important part of your tax entitlement. You should always include your state, and local income tax obligations, and financial amount to avoid a penalty, or losing money you’re entitled to under state tax laws set by your current state.

Three Tips To Save On Your State And Local Taxes

Combine Your Taxes

Many tax preparers will offer incentives to customers who combine their other taxes with their state income taxes. This incentive is usually offered to customers who file online also. The best way to take part in this tip saving idea is by asking your tax specialist in advance about their state tax savings opportunities.  Not all states apply here.

Participate In State/Local Deductions

There are many state income tax deductions available to taxpayer’s. Deduct the state, and local taxes on throughout the year on all the state approved items, and services each year. For example, you can get a deduction for sales tax, property taxes, and real estate according to the state tax rules of your state. Some states will also allow taxpayers to write-off their annual general state taxes. It’s also important to make provision for these state deductions before they are reformed by Congress. The reform would eliminate the tax on the state/local level. Keep your eyes posted for 2018 tax reform.

Ask A Tax Professional

A tax professional is trained, and qualified with the tax knowledge to help you get your maximum state refund, and save. You should always be aware of their qualifications, past experience, and how they can help you get the best state, and local taxes.

Your state, and local taxes don’t have to be hard to file, or cost a significant amount, if you use reliable tax savings ideas, and tips. Get the most out of the taxes you pay each year on your state, and local taxes.

Check out jmstroudcpa.com for more information.