Are tax payments deductible

Anonymous

∙ 13y ago

Updated: 8/17/2019

Estimated Income tax payments are not deductible in figuring out what your taxable income is, that determines how much your actual income tax is. See, that's circular.

Wiki User

∙ 13y ago

What else can I help you with?

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 spousal support tax deductible?

Spousal support payments would not be deductible on your income tax return. Only Alimony payments would be deductible on your 1040 income tax return.

Are Cobra payments tax deductible for self-employed individuals?

Yes, Cobra payments are generally tax deductible for self-employed individuals as a medical expense.

Are federal tax payments deductible expenses for a corporation?

Is credit card interest payments tax deductible?

NO The personal interest is never deductible on your 1040 federal income tax return

Are bankruptcy payments tax deductible?

Absolutely not. Bankruptcy payments are repayments for debts that you incurred in the past and did not pay. There is no circumstances where these could be deductible on your income taxes.

Are house rental payments tax deductible?

No, sorry. That's why owning a house is better for tax purposes but even then the principal payments are not deductible, only the interest on each one added over the whole year.

Is a debenture tax deductible?

Yes, interest payments on a debenture are generally tax-deductible for the issuing company, as they are considered a business expense. However, the principal amount of the debenture is not tax-deductible. It's important to consult tax regulations in your jurisdiction, as rules can vary.

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 automobile lease payments tax deductible?

Not on personal leases, sometimes on business leases (as an expense).

How does child support payments effect your income taxes?

It's neither taxable, or tax deductible.

Are medicare supplement insurance payments tax deductible?

http://www.medicaresupplementnews.com/]Medicare Supplement News

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