Bad news for people who do not own fossil fuel stocks and drive a lot or have homes that use fossil fuels for heating. Looks like today will be a GREAT day for energy stocks!
http://biz.yahoo.com/ap/041018/oil_prices_5.htmlGood news, especially for people who live in a no income tax state, but you have a short time to take advantage of it.
http://www.borderlandnews.com/stories/business/20041017-182303.shtmlI apologize that I cannot find the main story, Monday business news already took over yesterday's news where I saw the main story. Basically it states that if you live in states that have no income taxes, you can now deduct sales taxes on your federal income tax return. For example, when my ex and I bought the 03 Camry in 03, we could not deduct the 8.25% (highest legally allowed under federal law) Austin city sales tax. Had we been together and bought an 05 Camry (Aug of 04 is when the 05 models come out for most auto manufacturers), we could itemize and deduct whatever portion of that 8.25% sales tax on a $22,000 auto is allowed by IRS.
I personally think this could be a boost, but like the article stated, it could also be used by the feds as an excuse to RAISE the legal limits on sales taxes. Do YOU want to pay 10% percent or more if the feds pushed it up and stated "well, you get to deduct SOME of it on your return." Until tax return time though they are banking it, just like with other federal monies.
I suggest you check with your state and see if you have a state income tax, and if you do not, how beneficial it will be.
http://biz.yahoo.com/pfg/e01tax/art011.html
Topic: Good news and bad news regarding the economy (Read 1040 times)