As much as I gripe about some things that Congress does or doesn't do, one thing that they did do this past week is something I am happy about.
According to the Wall Street Journal:
Congress’s Christmas-tree tax bill contains surprising presents: permanent extensions of tax benefits for individuals that have long been temporary. The Protecting Americans from Tax Hikes Act of 2015, or PATH, has been passed by both the House and Senate and is expected to be signed into law by President Barack Obama.What is it about this I am happy about? There is one provision in the bill that I can take advantage of:
Sales Tax Break
WHAT IT IS The state and local sales tax deduction gives individual taxpayers the option of claiming an itemized deduction for general sales taxes instead of deducting state and local income taxes.
COST $42 billion over 10 years.Since I purchased The Beast this year, I'll be able to deduct the sales taxes on it. (Source: New York Times)