0
State income taxes are deductible on the Federal Form 1120. Other deductions include repairs, interest, and depreciation for homeowners filing Form 1120.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
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.
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 a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
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 payments deductible on federal taxes for corporations?
Yes, (and individuals). For Corps it is the amount paid (not accrued).
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.
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 a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
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 payments deductible on federal taxes for corporations?
Yes, (and individuals). For Corps it is the amount paid (not accrued).
Are payroll taxes at a corporate level deductible on Federal form 1120?
All state and local taxes as well as FEDERAL PAYROLL TAXES are deductible when incurred on property or income relating to business. But, FEDERAL INCOME TAXES are not deductible. and Yea they are deductible on form 1120. Hope tht helps!
Are state taxes deductible for federal corporate income taxes?
Yes, most state taxes are going to be deductible for federal taxes. Consult the tax manuals or your tax preparer for more information.
Will Georgia tax your Federal rebate money?
No. Your federal tax is not deductible from your income in determining state taxable income, hence any refund of it isn't included as taxable income.
How many years can you deduct state income payments from your federal taxes?
20
Can federal taxes withheld be tax deductible?
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
Can you Deduct tax payments from the previous year?
Yes, unless it's been past three years. They have five years to eat you alive though. For the previous year -as below...from the previous year (as in made then) - even if applicable, no, only in the year they are paid. File an amended. State Tax payments are deductible from Federal, when paid. Federal Tax Payments aren't deductible from State, or from Federal for that matter, regardless of when they are paid.
What types of taxes paid are not allowable deductions on your tax return?
Federal income taxes are not deductible on your federal or state income tax return. http://small-business-tax-info.com
