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keeping track of sales tax on receipts ?

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egiblock

Junior Member
What is the name of your state? ohio


a friend told me that if i keep all of my receipts for everything, that i could use the sales tax at the end of the year on my tax returns and get some back.

is this possible ? if so what do i have to keep track of.

right now i just have an excel file that i type in the date of the receipt and the sales tax amount. do i need anything else ?

thanks
 


abezon

Senior Member
If you itemize, you may deduct either state & local income taxes, OR state & local sales taxes, whichever is larger. Most taxpayers in income tax states deduct income taxes, because that's the larger number. However, if you have high expenses, such as buying a car or engagement ring or building a home, sales tax can be in the tens of thousands.
 

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