Hadn't paid much attention to this at all except I'd glanced at an IRS pub a tad once and concluded (in error) that they'd wouldn't let you take off the county and local tax on cars when adding additional stuff on to the state tax chart.
Anyway, I claimed it the other day for a client who pointed out that his last year's state income tax paid was small and, besides, he'd bought a new car in '06. He saved about $250 and was tickled about it. I was surprised that it saved him that much -- I was also a bit embarrassed that a client had suggested it to me instead of me suggesting it to him. The point being, that we shouldn't automatically dismiss the stuff outside our normal ruts just because IRS usually puts out such piddlin' little credits with much fanfare (i.e., the res energy credit/ telephone excise tax credit, etc.).
So anyway, I'm renewing my New Year's vows to sin no more (taxwise only--I'm not throwin' in the towel yet on Mrs. Biltmore).
Anyway, I claimed it the other day for a client who pointed out that his last year's state income tax paid was small and, besides, he'd bought a new car in '06. He saved about $250 and was tickled about it. I was surprised that it saved him that much -- I was also a bit embarrassed that a client had suggested it to me instead of me suggesting it to him. The point being, that we shouldn't automatically dismiss the stuff outside our normal ruts just because IRS usually puts out such piddlin' little credits with much fanfare (i.e., the res energy credit/ telephone excise tax credit, etc.).
So anyway, I'm renewing my New Year's vows to sin no more (taxwise only--I'm not throwin' in the towel yet on Mrs. Biltmore).
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