Written by Reed Tinsley |
October 20, 2005
The next few months may provide a last chance opportunity for taxpayers who itemize deductions to deduct state and local sales taxes in lieu of state and local income taxes. That's because, the option to deduct sales taxes is set to expire at the end of 2005. Accordingly, individuals who are considering the purchase of a big ticket item may want to push the purchase into this year to achieve a higher itemized deduction for sales taxes.
About the Author
Reed Tinsley CPA
This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on
accounting & tax,
practice management, and
financial planning.
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