Asked by Juna, San Francisco, CA • Fri Nov 7, 2008
I am told the tax savings is generally 25% of current tax payments. For instance if I am paying $1,000 in taxes, Uncle Sam would help make $250 of that. My question is should I be looking at the Fed tax only or the sum of the Fed and State Tax as the basis for the deduction? So if my Fed tax is $1,000 monthly and State CA tax is $300, will the 25% savings be based on the sum of State and Fed $1300.. so $325?
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