IRS Publication 600

Filed Under » , , , ,
Dictionary Says

Definition of 'IRS Publication 600'

A document published by the Internal Revenue Service (IRS) that provides information on deducting state and local sales taxes from federal income tax. IRS Publication 600 was created as an addendum to Schedule A in order to address the Tax Relief and Health Care Act of 2006, which was enacted after instructions for Schedule A were printed. The Tax Relief and Health Care Act of 2006 allowed taxpayers to elect to list state and local sales taxes instead of state and local income taxes, but not both, as itemized deductions.

Investopedia Says

Investopedia explains 'IRS Publication 600'

IRS Publication 600 only addresses the 2006 tax year. Taxpayers were allowed to deduct sales tax expenses if the state or local tax rate was the same as the general sales tax rate. The publication provides a worksheet that can be used to determine the overall deduction for general sales taxes, as well as a table for state and local sales tax rates.

Articles Of Interest

  1.

    Don't Put Off Your Year-End Tax Plan

    From sales tax deductions to credit reports, check out what items should be on your financial checklist.

  2. The History Of Taxes In The U.S.

    The number of taxes that we now consider a given did not always exist. Find out how they arose.

  3. Cut Taxes By Reporting Property Damage

    Know the options you have for your insured property if and when a disaster strikes.

  4. 10 Reasons Why Moving Might Not Make You Richer

    Find out why moving to a less expensive city may not reduce your expenses.

  5. The U.S. National Spending And Debt

    We are looking at what could be the official year of the Federal Budget, or, more specifically, our debt and how we will manage it for many years to come.

  6. Canadians: Smart Ways To Use Your Tax Refund

    Taxes are an annoying annual chore akin to going to the dentist. Luckily, however, some of us get a nice tax refund after the process. It's important to use this refund wisely though, and Canadians ...

  7. Has Income Tax Become A Class Tax On The Poor?

    With more than 33% of American families falling close to the poverty line despite their adult members holding full-time employment, a rising number of citizens are being forced to pay a rate ...

  8. Possible Effects Of The Online Retail Tax

    The U.S. Senate has passed a bill that will impose a sales tax on online retailers. Discover how the Marketplace Fairness Act could affect your bottom line.

  9. How To Get The Most Out Of Hiring An Accountant

    When you hire an accountant, getting good tax advice going forward is as valuable as – or perhaps even more valuable than - getting the previous year’s taxes filed correctly. Learn what you need ...

  10. How The 2014 Obama Budget Could Affect Your Finances

    Depending on which estimate you believe, Obama's proposed budget would raise the tax bill of a household with a yearly income of $50,000 to $75,000 between $63 and $100 per year. However, that’s ...
comments powered by Disqus
Marketplace
Hot Definitions

  1. Yield Elbow

    The point on the yield curve indicating the year in which the economy's highest interest rates occur. The yield elbow is the peak of the yield curve, signifying where the highest interest rates occurred.

  2. Xenocurrency

    A currency that trades in markets outside of its domestic borders.

  3. Wanton Disregard

    A standard of severe negligence. Wanton disregard is a very serious accusation that indicates that a person behaved extremely recklessly.

  4. Ultra ETF

    A class of exchange-traded funds (ETF) that employs leverage in an effort to achieve double the return of a set benchmark.

  5. Toehold Purchase

    A purchase of less than 5% of a target company's outstanding stockmade by an acquiring company. A toehold purchase of just under 5%, while not a significant stake in a firm, allows the shareholders a "toe-holds" grip on the company and its decision making.

  6. Samurai Bond

    A yen-denominated bond issued in Tokyo by a non-Japanese company and subject to Japanese regulations.
Trading Center
http://sp.fastclick.net/ad/tr/10858-64082-15546-0?mpt=3a975aea975d828649dd404430f8ae77