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Deducting Sales Tax On Business Purchases
- Posted on April 25, 2008
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Long Island CPA Firm Offering Tax and Financial Advice
When taxpayers buy new equipment for businesses purposes, the following question arises: "Can they separate the sales tax from the purchase price and deduct that separately as a currently deductible tax expense?"Unfortunately, you are required to include all the costs of acquiring the equipment into the depreciable basis, including the sales tax. See deducting business equipment.
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