Posted by FlaMac --Previous Message--
(FranMac54) on April 10, 2007, 6:00 am, in reply to "Re: I was just commenting that I don't take the...."
205.188.117.14
sales tax deduction in lieu of state tax. The update was printed after the publications were mailed but's available through TurboTax or online at www.irs.gov.
: What do you think a sole propietor is? A
: business. Sole propietors file Sch C
: on their personal tax return. Sch C is
: where the business activity code goes,
: again, having nothing to do with
: itemizing. Partnerships and
: corporations also use business
: activity codes.So yes, business
: activity codes do have something to do
: with businesses. That is their
: purpose.By the way, anyone in any
: state can use the sales tax deduction
: if they choose to.
:
: --Previous Message--
: standard deduction anymore. In Florida
: we are now allowed to claim sales tax
: when itemizing. Business codes are
: used on personal tax returns for sole
: proprietors which is not related to a
: business return in any way.
:
: --Previous Message--
: What does itemizing or standard
: deduction have to do with a business
: code? Business codes are used on a Sch
: C, 1065 or other business returns. The
: code you use has nothing to do with
: whether you itemize deductions or not
: on a 1040.
:
: --Previous Message--
: and never take the standard deduction.
: Both of my parents were tax
: accountants so I'm trained in
: "overkill". The common rule
: is to use the one that is the main
: source of your income.
:
: --Previous Message--
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: --Previous Message--
: 541199 = Notary Public Services
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