the Taxes that You Pay Video

Learn about the Taxes that You Pay

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Member Since:

6/30/09

By: MonkeySee.com - Business

MonkeySee.com is leading producer of lifestyle focused how-to content with over 10,000 videos spanning 169 subcategories.

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How to videos/ Business videos/ Personal Finance videos

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the Taxes that You Pay -

Learn about the taxes that you pay in this video that will help you prepare for tax returns....

the Taxes that You Pay -

Learn about the taxes that you pay in this video that will help you prepare for tax returns.

Added:

8/3/09

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the Taxes that You Pay 1099 accountant do your taxes filing taxes government income tax monkeysee tax tax claims tax deduction taxes w2

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Male: What taxes did you pay?
Art: Okay, taxes are deductions on schedule A. You get a choice of deducting your state and local income tax. So if you recall when we talked about, if you watched the module on W2, there is a box on the bottom of the W2 state taxes withheld or any estimated taxes payments that you made to the state. All of that's deductible. Supposing you live in a state that doesn’t have a state income tax, you can deduct your sales tax that you pay instead. Now you can go to the IRS table to determine sales tax which is bases on your income or you can keep a closet full of receipts, add them all up everytime you pay sales tax and put that number in on your 1040 for the sales tax deduction. You get the deduction on schedule A for your real estate taxes for your home, for your personal asset. And then there's a thing called personal property taxes. So if you come from a jurisdiction that pays or where you pay a personal property tax, let’s say for automobiles, or boats, or aeroplanes, then that can be deductions to on schedule A. any federal taxes or federal excise taxes are generally not deductible.

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