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Which of the following types of taxes paid are not allowable deductions on your tax return?
Wiki User
∙ 11y ago
Any other taxes not included in the below list would NOT be allowable deductions on your individual 1040 income tax return.
There are five types of deductible nonbusiness taxes:
- State, local and foreign income taxes
- real estate taxes
- Personal property taxes
- State and local sales taxes, and
- Qualified motor vehicle taxes
To be deductible, the tax must be imposed on you and must have been paid during your tax year.
For more information on nonbusiness deductions for taxes, use the search box at the IRS gov website for Publication 17 go to Chapter 22. Taxes
Wiki User
∙ 11y ago
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How do you figure out how much you will get back on your tax return?
Once you have completed your tax return you will know how much of a refund you will receive or if you will owe any tax. The tax return is where you claim all taxable income and subtract all allowable deductions, thereby discovering if you have overpaid or underpaid your federal and state income taxes. The tax refund is the amount returned to a taxpayer for overpayment.
Why do people have tax returns?
A tax return is a report of taxable income, taxes paid, deductions and credits. Law requires that a person with taxable income file a tax return with the IRS.
Are state income taxes an allowable deduction?
no
Can you claim taxes of grocery receipts?
If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.
May I deduct the amount of underpayment paid for previous years tax return?
You do NOT get any deductions on your 1040 income tax return for the payments that you make on your past due federal income taxes, penalties, or interest.
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
How do you figure out how much you will get back on your tax return?
Once you have completed your tax return you will know how much of a refund you will receive or if you will owe any tax. The tax return is where you claim all taxable income and subtract all allowable deductions, thereby discovering if you have overpaid or underpaid your federal and state income taxes. The tax refund is the amount returned to a taxpayer for overpayment.
What is mandatory deductions?
state taxes, federal taxes, and local taxes.
Are state income taxes an allowable deduction?
no
Why do people have tax returns?
A tax return is a report of taxable income, taxes paid, deductions and credits. Law requires that a person with taxable income file a tax return with the IRS.
Can you claim taxes of grocery receipts?
If you itemize deductions on your federal income tax return, you have the choice of claiming a deduction either for state income taxes or state sales taxes (but not both). Sales taxes would include those for groceries. Note that this is a deduction, not a refund or credit.
May I deduct the amount of underpayment paid for previous years tax return?
You do NOT get any deductions on your 1040 income tax return for the payments that you make on your past due federal income taxes, penalties, or interest.
What does an employer have to match on your taxes?
FICA and Medicare deductions
What is the difference between deductions and contributions?
A deduction on your tax return can be your property taxes or mortgage interest. A contribution is money or property you've donated to a qualified charitable organization.
What happen to the money that your employer withholds from your paycheck?
The taxes are sent to the taxing authorities. For example, your federal income taxes and Social Security taxes are sent to the IRS. State taxes are sent to your state tax department. Other deductions are sent to the appropriate party. Charity deductions are sent to the charity. Insurance deductions are sent to the insurance company (or kept by your employer if they are self-insured). Savings deductions are sent to the savings institution. 401k deductions are sent to the 401k trustee.
What will you get back in taxes if you made 34000?
It depends on what they took out for federal taxes, and if your state takes out taxes, and what deductions you claim
How much can be won in lottery by a person on social security before having to file taxes?
You are required to report all income on your tax return. Whether or not you actually have to pay taxes on those earnings depends on your income, credits, and deductions.
