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Are state income payments deductible on federal taxes for corporations?
Wiki User
∙ 15y ago
Yes, (and individuals). For Corps it is the amount paid (not accrued).
Wiki User
∙ 15y ago
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Are income tax payments deductible?
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
If you paid 765 dollars this year in federal tax payments that were owed for a previous year is this your deductible?
Federal taxes paid or payable, (even if paid in the current year), aren't deductible in calculating your federal taxable income. State income tax payments may be deductible in determining your federal tax taxable income. And refunds received of a prior years State income tax may therefore be included in the current years federal taxable income.
Are state income tax payments deductible on a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
Is there a Federal deduction for state back tax payments?
State income taxes are deductible from Federal taxable income in the year they are paid, regardless of when they were due.
Are income tax payments deductible?
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
If you paid 765 dollars this year in federal tax payments that were owed for a previous year is this your deductible?
Federal taxes paid or payable, (even if paid in the current year), aren't deductible in calculating your federal taxable income. State income tax payments may be deductible in determining your federal tax taxable income. And refunds received of a prior years State income tax may therefore be included in the current years federal taxable income.
Are state income tax payments deductible on a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
Is there a Federal deduction for state back tax payments?
State income taxes are deductible from Federal taxable income in the year they are paid, regardless of when they were due.
Are state income tax payments deductible on federal form 1120?
State income taxes are deductible on the Federal Form 1120. Other deductions include repairs, interest, and depreciation for homeowners filing Form 1120.
Are tax payments deductible?
Estimated Income tax payments are not deductible in figuring out what your taxable income is, that determines how much your actual income tax is. See, that's circular.
Is spousal support tax deductible?
Spousal support payments would not be deductible on your income tax return. Only Alimony payments would be deductible on your 1040 income tax return.
Are federal income taxes deductible for federal corporate income taxes?
No, they are not.
Can mileage from and to a bank to get Cd's deductible from federal income tax?
No, the mileage to and from a bank to get CD\'s are not deductible from federal income taxes.
Are bankruptcy payments tax deductible?
Absolutely not. Bankruptcy payments are repayments for debts that you incurred in the past and did not pay. There is no circumstances where these could be deductible on your income taxes.
Is pet insurance tax deductible in Arizona?
Not deductible on your federal income tax return.
