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5 Simple Rules for Keeping Your Tax Bill in Check

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Governments on the federal, state, and local levels are all scrambling to collect cash ... from you, dear taxpayer.

It's getting a lot harder to stay current with all the tax-law changes and to keep your tax bill under control. It's all about identifying favorable provisions and steering clear of traps for the unwary. Follow these five rules and you can minimize the pain.


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How to Write Off Sales Taxes

For the years 2005 through 2013, the Internal Revenue Service (IRS) permits you to write off either your state and local income tax or sales taxes when itemizing your deductions. People who live in a state that does not impose income taxes often benefit most from this deduction. However, you might also be better off deducting sales taxes instead of income taxes if you make large purchases during the year and your total sales tax payments exceed those for state income tax. You can use either the actual sales taxes you paid or the IRS optional sales tax tables.

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