yes
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
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No. However, you can deduct property taxes from your federal tax liability.
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.
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.
Interest payments on Treasuries are subject to federal income tax, but not state income tax. If you buy and sell Treasuries, any capital gains are also subject to federal and usually state income taxes.
According to the IRS, if you itemize deductions on your federal return you may deduct either state and local incometaxes or state and local sales taxes. You get to choose which to deduct, but you may not deduct both, and you can't deduct either unless you itemize deductions.Chances are pretty good that unless your state has low income tax rates and fairly high sales tax rates, you'll be better off deducting the income taxes instead, but you do have the option.
No. Garnishments are just payment of a debt that you owe and haven't paid. This is not a deductible item.
If you are talking about your amount paid with your federal tax return, the answer is no. You cannot deduct your previous years federal income tax on your current years tax return. You can deduct on Schedule A the amount paid on your State income tax return if you itemize your taxes.
The interest that you receive on treasury bills and bonds is tax exempt income for state and local taxes.In some states interest earned on specified state and municipal obligations is exempt from both state and federal income tax:
State income taxes are deductible on the Federal Form 1120. Other deductions include repairs, interest, and depreciation for homeowners filing Form 1120.
Yes. Interest from Fed Home Loan Bonds ARE federally taxable and generally are not taxed by states (I live in FL which does not have a state income tax).