Thursday, July 14, 2011

Taxes You Can't Deduct

The following taxes cannot be deducted on your tax return: Federal income, excise, estate, and gift taxes, custom duties, parking and speeding tickets, marriage license fees, and social security and medicare payments. Automobile license fees based on factors other than the value of your car are not deductible. Local taxes charged for improvements that increase the value of your property such as streets, sidewalks, and sewer systems are also not deductible.

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