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Only consider buying a home if you plan to be in it for 5 or more years. The costs of buying and selling a home, in addition to the slow rate of appreciation, increase the chances that you will lose money if you plan to stay only a short period. |
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You know that the odds of winning the lottery are not good, but do you realize how difficult it is? If you purchase 50 Lotto tickets each week, you will win the jackpot every 5,000 years.
Source: motherjones.com
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Michigan
IRS State Sales Tax Table For Michigan
While using the tax table below will be easier than recreating the amount you spent on sales taxes in 2004, be sure to take a close look at your purchasing habits before using the tax table as a default. If you typically spend quite a bit more than the average person, it may be well worth your time to recreate your spending record for 2004 (and be sure to keep good records this year for your 2005 taxes). This is especially true if you had a large, unusual expense in 2004 or a reoccuring expense that is above average. For example, if you redecorated, remodeled or added onto your house, your true sales tax paid is likely more than the numbers listed in the tax table. The same can be said if you happen to have expensive prescription drugs you must take, had an injury this past year or recently had a new addition to your family.
For those who have made a vehicle purchase in 2004, you can deduct the sales tax for that vehicle in addition to the appropriate amount found in the tax table. Vehicle purchases where the sales tax can be added onto the tax table numbers include cars, motorcycles, motor homes, recreational vehicles, sport utility vehicles, trucks, vans and off-road vehicles. You may also include any state and general sales taxes paid for a leased motor vehicle above the amount listed in the sales tax table.
For other states click here.
Source: IRS Publication 600
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