Can You Really Get A Rebate On All Of Your Purchases?
Government Rebate On Your Purchases
Can you really get a rebate on all of your purchases?
The latest scam about government rebates is actually not a scam. It is just a very narrow IRS law that applies only to certain people.
The premise is that you can get a rebate on everything that you purchase. While this is true, it is only for a small percentage of people and you have to be quite persistent to do it.
The deduction they are citing has to do with deducting the amount of sales tax you can deduct on your taxes. Years ago, we got a bigger deduction, then it had more restrictions on it. The summary is this. You can deduct the amount of sales tax you pay (or an average based on your income) IF it is higher than the state and local taxes you pay.
Unless you live in states with no state & local tax such as Washington, Florida, or Tennessee, this deduction is not going to happen for you. This weeds out the vast majority.
However, if you live in such states, you can deduct your sales tax paid and receive that rebate. BUT, you must be able to itemize on your taxes. Once again, with the standard deduction being high, this also weeds out a good number of people.
The whole deal is that these people want you to buy their book. Is it a legitimate premise? Yes.
Does it apply to the majority of people? No.
My advice would be to consult your tax advisor just as many of my clients have done. Do I have clients that take advantage of this law? Yes, but less than 1% of my clients.
If you wish to get all of the great tax rebates that apply to just about every person CLICK HERE