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Keep receipts and statements for all car loan interest payments, and maintain detailed mileage logs, including dates, destinations and purpose. Additional Tax-Deductible Expenses for Business Vehicles
State and local taxes paid, but the entire sum of this category is capped at $10,000 starting in tax year 2018. [3] These include: Either state income tax or state and local general sales taxes paid during the tax year, but not both. Property taxes, including vehicle registration fee, if assessed by reference to the value of the property. This ...
The states had also come to rely heavily on retail sales taxes. However, as of the beginning of World War II, only two cities (New York and New Orleans) had local sales taxes. [161] The Federal Estate Tax was introduced in 1916, and Gift Tax in 1924.
Pennsylvania has a 6% sales tax rate. Allegheny County has local sales tax of 1% on top of the PA sales tax rate that totals 7%. Philadelphia County has a local sales tax of 2% on top of the PA sales tax rate that totals 8%, which became effective October 8, 2009. Food, most clothing, and footwear are among the items most frequently exempted. [179]
The state has no direct personal income tax and does not collect a sales tax at the state level, although it allows local governments to collect their own sales taxes. Alaska collects most of its revenue from corporate taxes on the oil and gas industry.
Municipal ad valorem property tax is often referred to as "property tax" for short. The owner of the property should pay this tax based on the value of the property. Ad valorem taxes refer to goods or property taxes seen as a percentage of the sales price or estimated value. They belong to the assessed value range (because this is the only way ...
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The most typical loan payment type is the fully amortizing payment in which each monthly rate has the same value over time. [6] The fixed monthly payment P for a loan of L for n months and a monthly interest rate c is: = (+) (+)
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