Did you lease or buy a car, truck or boat in 2007,
OR
do you live in state that does not collect a state income tax?
Do you use itemized deductions?
If you answered yes to both of these questions, you may be able increase your deductions and reduce your federal tax burden.
Federal tax rules allow for the deduction of state income tax OR state sales tax.
The good news is that you do not need to have a big stack of receipts to determine if the sales tax deduction is the best choice. The IRS website has a very user friendly calculator to help you. I strongly suggest you gather up your tax documents and jump on over to http://www.irs.gov/individuals/article/0,,id=152421,00.html .
The potential for additional tax savings makes this worth the 5 or 10 minutes of time you will spend.
If you have already filed for 2007, remember you can always file an amended return.
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