taxes

8 tax breaks that cost Uncle Sam big money

State and local taxes
State and local taxes

Some state and local taxes can help taxpayers reduce their federal tax bills. You'll find a place to write off these taxes on Schedule A, the form used to itemize deductions.

Filers can choose to claim state and local income taxes or sales taxes. Property taxes, usually the real estate taxes homeowners pay to their county or parish tax collectors, also offer a nice tax deduction to many taxpayers.

All these state and local tax deductions are projected to cost Uncle Sam more than $316 billion.

advertisement

Show Bankrate's community sharing policy
          Connect with us
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.12% --0.00 4.12%
15 year fixed refi 3.19%  0.03 3.16%
10 year fixed refi 3.23%  0.01 3.22%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.32% --0.00 4.32%
50K FICO-based HELOC 3.99% --0.00 3.99%
100K FICO-based HELOC 3.83% --0.00 3.83%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.80% --0.00 2.80%
48 month used car loan 3.00% --0.00 3.00%
60 month new car loan 3.17%  0.01 3.18%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.99% --0.01 0.98%
2 Year CD 1.20% --0.00 1.20%
5 Year CD 1.82% --0.00 1.82%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.80% --0.00 15.80%
Cash Back Cards 16.42% --0.00 16.42%
Low Interest Cards 11.09% --0.00 11.09%
 
Next
advertisement
WEEKLY TAX TIP NEWSLETTER

Our tax expert Kay Bell provides resourceful tips and advice to help you stay prepared for filing.

advertisement

Connect with us