State, local or foreign income taxes withheld from your salary are tax deductible if claimed under the itemized income tax deduction category.
Income Tax Deductions
You can also deduct amounts for any estimated taxes you pay to state or your local government during the year.
If you paid income tax during the taxable year, for any of the previous years, the payments are tax deductible and can receive the income tax deductions.
You can also deduct any amount withheld from your wages in order to substantiate certain state disability benefit funds.
Any employee contributions to disability funds that provide coverage for the loss of wages caused by unemployment are tax deductible.
You can claim an itemized income tax deduction for foreign income taxes (that you pay in a foreign country).
Tax News Updates:
Obama's to-do list
The proposal would provide a 10 percent income-tax tax credit to companies that hire new workers or increase wages this year, and extend through this year a measure letting businesses write off the full cost of investments in equipment.
Addressing the Growing Need for Organ Donation | American ...
The income tax deduction, not to be confused with an income tax credit, would reduce an individual's taxable income by up to $10000. A tax credit, on the other ...
Facebook IPO Could Net Huge Corporate Tax Refunds | Drudge ...
According to Facebook, these tax deductions should exceed the company's U.S. taxable 2012 income and result in a net operating loss (NOL) that can then be ...
Oklahoma Senate Republicans unveil tax-cutting plan
House Republican leaders and the governor's office said negotiations will continue to come up with an income-tax cut. The legislative session ends May 25. By Michael McNutt | Published: May 16, 2012 Leave a comment Senate Republicans threw secret talks ...
