DEDUCTING SALES TAXES People who itemize deductions have another choice, Mr. Block said: whether to deduct state and local income taxes or sales taxes.
STATE AND LOCAL TAXES This year and next, taxpayers who itemize may choose whether to deduct their state income tax or their sales taxes, but not both.
(Plus some startup decisions, like whether to deduct 60 cents a week from paychecks to make disability payments tax-free -- yes -- and whether to close school for Martin Luther King's Birthday -- no).
The proposed international standard calls for calculating the value of options in a way that is similar to the method now in use in the United States, which requires companies to make the calculation but gives them the choice of whether to deduct the expense from their income.
Its disciplinary commission is set to decide, before the end of the season, whether to deduct points from Rotherham United - the team one place above them - for fielding an ineligible player.
Decide whether to deduct appropriate startup costs in the first year.
Under previous tax laws, the IRS required all taxpayers with business startup costs to decide whether to deduct the appropriate amount in the first year or amortize over a period of years.
If you itemize your deductions, consider whether to elect to deduct state and local sales taxes instead of state and local income taxes.
In the current system, strictly speaking, your eligibility to deduct a charitable contribution doesn't depend on whether you have a big mortgage.
You should analyze your expected revenue stream before deciding whether or not to deduct business startup costs in the first year.
