Sales tax can pay you come tax time - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Sales tax can pay you come tax time

By Carly O'Keefe - bio | email

CARBONDALE, IL (KFVS) – In the current budget crunch, the State of Illinois plans to step up its enforcement of the decades-old "use tax," which applies to items bought online and out of state.

A revenue department spokeswoman says tax collectors will specifically target Illinois residents who buy boats and other "big ticket" items elsewhere without paying taxes.

However, if you buy big ticket items in state, you can ask the government to pay up by deducting some of those sales tax dollars when you file your 2010 tax return.

The IRS has a standard deduction based on family size and income for sales tax, and if you add up the sales tax you paid for the year, you can come out on top.

"In some years, depending on what you buy, if you bought a new car or boat, it can turn out your sales tax deduction is more than your income tax deduction," said Dr. Ramon Rodriguez with the SIU School of Accountancy. "That's something people just assume - we live in Illinois, we pay a fair amount of income taxes so they don't even think about sales tax deductions."

For a complete list of deductions you may be missing click here.

Copyright 2011 KFVS. All rights reserved.

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