I recently purchased a brand new car. I paid $1280 in sales tax for Michigan. How much additional will I get back in Federal taxes? I make $30,000 a year and I am married and have 2 children. Help me out if you can.
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1. February 2010 at 10:47 pm
Depends on your tax bracket. If you’re in a 15% bracket, you’ll “get back” about 15% of that $1280.
1. February 2010 at 10:47 pm
In your case the sales tax deduction won’t help you. Your tax liability is already $0 before the deduction is taken into consideration.