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If you’re in the market for a new car, close the deal in the next few days. Reason: If you’re not deducting your state income tax on Schedule A, you can deduct the sales tax on the car in addition to the amount allowed under the IRS tables. But don’t rush to buy if you’re better off deducting state income tax.
If you handle payroll compliance, beware: As other tax revenue sources dry up, the IRS is hiring 700 new revenue agents whose only job will be to hunt down payroll-law violations. That means intense new scrutiny of your W-2s, 1099s, 1095s and other payroll tax reporting compliance....Click here to find out more.