Three ways to cut your 2012 income taxes

If you are one of many taxpayers who have waited until the last minute to prepare your tax returns, you may be in luck. If you can utilize one of these last-minute deductions, you can lower your personal tax liability for 2012. The first is to deduct sales taxes for major purchases during 2012. For taxpayers who live in a state that has no personal income taxes or very low personal income taxes, they have the option of deducting local and state sales tax on their federal tax returns. You cannot deduct state income taxes and sales tax; however, you can choose which benefits you the most.

For two other last minute ways to reduce your income taxes read, “3 last-minute moves to lower your tax bill.

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