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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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I READ AN ARTICLE A FEW WEEKS AGO ABOUT A DEDUCTION THAT COULD

Customer Question

i READ AN ARTICLE A FEW WEEKS AGO ABOUT A DEDUCTION THAT COULD BE TAKEN FOR PURCHASES MADE IN 2015. iT COULD BE A VERY LARGE PURCHASE OR VARIOUS MISCELLANEOUS PURCHASES.tHIS WAS A WAY TO GET MORE REFUND MONEY TO TAXPAYERS AS A SORT OF STIMULUS ASSUMING THAT PEOPLE WOULD PAY IF THEY GOT A REFUND AND PUR MONEY BACK INTO THE ECONOMY. iASKED A TAX PROFESSIONAL ABOUT IT AND HE HAD NOT HEARD OF THIS. AMOUNT OF SALARY DID NOT MATTER, THAT MADE IT DEPEND ON THE AMOUNT YOU WERE CREDITED FOR. YOU WOULD EITHER GET A REFUND, MORE OF A REFUND OR HAVE SUBTRACTED IF YOU OWED MONEY. I PRINTED THE ARTICLE BUT CAN NOT FIND IT. DO YOU KNOW OF THIS/
Submitted: 7 months ago.
Category: Tax
Expert:  Mark Anderson replied 7 months ago.
You can deduct the cost of business supplies or assets purchased for use in your business. Here is a list of overlooked deductions:http://m.kiplinger.com/article/taxes/T054-C000-S001-the-most-overlooked-tax-deductions.htmlYou can also deduct state sales taxes.
Expert:  MequonCPA replied 7 months ago.
The " Consumer Rebate Program" is a misnomer. In reality the government made the deduction of sales tax permanent. If you itemize deductions you can deduct the greater of state income tax paid or state sales tax, but not both. I have provided a link to an article that explains the program in depth. http://www.stockgumshoe.com/reviews/oxford-club/whats-oxford-clubs-42-4-billion-consumer-rebate-program/

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