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When purchasing big ticket items, you don't necessarily have to run all over town to get the best price. Search the newspaper sale fliers for the best price, go to your local store and simply ask, "Can you beat this price?" Often they will. |
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There are 5 million households in the United States with net worth in excess of $1 million (2001). About 2.7 million of these households have at least $1 million in liquid assets not including homes. This compares with a net worth of only $35,000 for the average American household.
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Texas
IRS State Sales Tax Table For Texas
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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