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Here’s how the sales tax deduction works, how to calculate what to write off, and how to evaluate your options so you can maximize savings and cut your tax bill.

Sales tax is a percentage of a retail price. To calculate it, convert the state sales tax percentage to a decimal, then multiply it by the retail price of the product or service.

Taxes on investments depend on the investment type. See current tax rates for capital gains, dividends, mutual funds, 401(k)s and real estate investments.

Tax liability is the amount that an individual, business, or other entity is required to pay to a federal, state, or local government.

Range reports on essential tax strategies for high earners in 2025, emphasizing proactive planning to maximize deductions and reduce liabilities.

The federal government has developed a personal income tax calculator that allows individuals to estimate their tax liability under the new tax laws and compare it with their current payments.