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Are federal tax payments deductible expenses for a corporation?
Wiki User
∙ 16y ago
No
Wiki User
∙ 16y 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.
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
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).
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.
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
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).
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.
Can students claim rent?
NO. Rent or living expenses for a student would NOT be deductible on the federal 1040 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.
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.
Are fundraising donations and contributions to a 501c6 tax deductible?
Contributions to section 501(c)(6) organizations are not deductible as charitable contributions on the donor's federal income tax return. They may be deductible as trade or business expenses if ordi­nary and necessary in the conduct of the taxpayer's business.
Is federal tax on gasoline deductible on a 2008 federal tax return?
No. Not any year. And Federal Tax, even income tax, is not deductible on a return.
Are federal estimates tax deductible?
No.
