0
I would think no, you cannot make restitution you pay for committing a crime tax deductible, because then the person who did wrong and paid the restitution would benefit in whole or part for his/her crime. That wouldn't be just or fair, and the rest of society would be angry because it would make "crime pay". You can see how this wouldn't be right.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoNo. This is something that you owe for something that you did to someone else. There is no way that restitution will be tax deductible for you.
Add your answer:
Earn +20 pts
Can paid state taxes be deducted on Federal return?
Yes..deducted on Fed, not state (actually, you do Fed first normally, so you add them back for State).
Can federal taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
What does net of taxes mean?
It simply means what's left after tax is deducted from an amount. Net of tax = Gross Amount - Tax
Can you deduct group insurance premiums on taxes?
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
What taxes would be deducted in determining an employee's net pay?
FICA taxes
Can paid state taxes be deducted on Federal return?
Yes..deducted on Fed, not state (actually, you do Fed first normally, so you add them back for State).
Can state and local taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
Yes, provided you are itemizing deductions (schedule A).
Can federal taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
What does net of mean?
Net of taxes refers the amount after taxes are deducted. To figure these out, take the total cash from a sale or gross profit and subtract the amount of taxes that were paid from it.
What does net of taxes mean?
It simply means what's left after tax is deducted from an amount. Net of tax = Gross Amount - Tax
Can lawyer fee for civil case be deducted on taxes?
It actually depends on what the case, and the restitution is exactly for. You should ask your lawyer to advise on the tax nature of his fee's and settlement options proposed.
Are state home taxes deductible on federal income taxes?
Yes. Schedule A is Itemized Deductions. The second section is Taxes You Paid. Real estate taxes on your home are deducted on line 6.
What is the purpose of entering your sale tax?
Generally taxes paid to another political subdivision can be deducted from adjusted gross income
Are taxes taken out of life insurance?
Personal life insurance proceeds are generally paid out free of income taxes as long as the premiums were paid with after-tax dollars. But if a business paid the premiums and deducted the premiums as an operating expense, then the life insurance proceeds would be taxable to the beneficiary.
Can you refinance your home loan even if its got a judgment?
The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.The judgment must be paid from the proceeds of the refinance. That amount will be deducted from the funds paid over to you.
How much is left after 24815.00 in taxes is deducted from an annual salary of 83500.00?
How much is left after 24815.00 in taxes is deducted from an annual salary of 83500.00?
Can you deduct insurance premiums on taxes?
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
