‘Tis the season… to think about some last-minute tax planning.
There is still time to accelerate a few deductions.
- Charitable contributions, medical expenses, etc.
(Remember: credit card transactions are deductible when charged.)
- Qualified higher education — you may want to pay now the expenses for the 1st quarter of 2017.
Now it’s also the time to buy that car or RV you were thinking about.
The sales tax will help when you’ll itemize your deductions.
Tax victory for states
On line purchases cause states to lose billions in uncollected sales tax revenues.
State of Colorado has a law that requires internet retailers to report to tax authorities.
(Information on transactions)
And notify consumers as well of their obligation to pay the sales tax.
This year the law was challenged — on the grounds that it violates the U.S. Constitution’s Commerce Clause.
On Monday the Supreme Court sided with Colorado.
And the law stands.
This is a big victory for the states.
Thanks for visiting.