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Form LST S Local Services Tax

Form LST S Local Services Tax

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Video instructions and help with filling out and completing Form LST S Local Services Tax

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Instructions and help about Form LST S Local Services Tax

this video is about salt wait not that kind of salt rather salt is an acronym for state and local tax in this video we're going to take a look at the various types of state and local taxes and whether or not they can be deducted if you itemize deductions i'm the tax geek with more of your taxes oversimplified [Music] state and local governments can collect all sorts of taxes including income taxes sales taxes and property taxes from the very beginning of the federal income tax system it has been held that you shouldn't have to pay federal income tax on money used to pay taxes to state and local governments this deduction has been limited in recent years but it's still an important deduction for many taxpayers before we begin i need to state that these rules apply only to personal taxes deducted on a schedule a as itemized deductions taxes paid as part of a trade business or rental activity are subject to largely different rules so what makes a state or local tax deductible usually the

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