In this presentation, we'll take a look at itemized deductions related to state and local taxes. For more accounting information and accounting courses, visit our website at accountinginstruction.info. Remember that as we talk about itemized deductions, we will only be taking the itemized deductions if they add up to a sum greater than the standard deductions. The standard deduction depends on the marital statuses. We'll see down here, including single of $12,000 and married filing joint of $24,000. There will typically be four categories of state and local tax deductions on the schedule 8, including personal property taxes, local real estate taxes, other state and local taxes, and foreign taxes. Of those, the most common or the largest amounts that will be most beneficial to many taxpayers will be the state and local taxes and the property taxes, typically on individuals' homes. So, the state and local tax will typically be the amount we pay if we're in a state that has taxation. If we're in a state that has income tax, then we have a federal tax return and a state tax return, and will typically be able to deduct the amount of payments to the states for federal taxes if we're itemizing as a state and local tax. If we're in an area that does not have a state income tax, then they probably have sales tax, and so we'll be able to deduct these sales tax, typically how that will work out. The property taxes for many individuals are going to be the home having property taxes, which could be a significant amount of tax. This is a significant amount that could help to push people over to the point greater than the standard deduction and therefore a point where someone would need to itemize. So, in other words, if...
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Itemized deductions 2023-2024 Form: What You Should Know
Form 1040A, Individual Income Tax Return. Department of the Treasury. Internal Revenue Service (99). Individual income tax return. ▷ Go to for instructions and the latest Form 1040C, Adjusted Gross Income Return. Department of the Treasury. Internal Revenue Service (99). G-10c, AGI adjusted return. ▷ Go to for instructions and the latest Form 1090-D. Department of the Treasury. Internal Revenue Service. Internal Revenue Service (99). ▷ Go to for instructions and the latest Form 8582, Return of Marketplace Credit in the case of the sale or exchange of a principal residence for a second home. Department of the Treasury. Internal Revenue Service (99). Marketplace tax credit. ▷ Go to for instructions and the latest IRS Forms and Publications Filing a tax return All taxpayers are required to file their taxes each year before the due date. Forms and other important information. Forms and Publications 2018 IRS Quarterly Tax Return due February 18, 2019. Department of the Treasury. Internal Revenue Service. 2024 Tax Filing Guide. ▷ Go to for instructions and the latest 2024 tax return due April 18, 2018. Department of the Treasury. Internal Revenue Service. 2024 Tax Filing Guide. ▷ Go to for instructions and the latest 2024 tax return due April 18, 2018. Department of the Treasury. Internal Revenue Service. 2024 Tax Filing Guide. ▷ Go to for instructions and the latest 2024 tax return due June 15, 2016. Department of the Treasury. Internal Revenue Service. 2024 Tax Filing Guide. ▷ Go to for instructions and the latest 2024 tax return due June 15, 2015. Department of the Treasury. Internal Revenue Service. 2024 and 2024 Tax Filing Guide. ▷ Go to for instructions and the latest 2024 and 2024 tax returns due June 15, 2014. Department of the Treasury. Internal Revenue Service.
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