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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.
Can you deduct the amount you pay your tax account?
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.
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.
Will I be able to deduct a portion of my local property taxes from my NY state income tax?
No. However, you can deduct property taxes from your federal tax liability.
Can federal taxes withheld be tax deductible?
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.
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.
Can I deduct back state tax payments on my tax return?
Yes, you can deduct state tax payments on your federal tax return if you itemize your deductions.
Can you deduct the amount you pay your tax account?
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.
Can I deduct state income tax on my federal return?
Yes, you can deduct state income tax on your federal tax return if you itemize your deductions instead of taking the standard deduction.
Can you deduct the interest paid on state taxes on your federal income taxes?
yes
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.
Will I be able to deduct a portion of my local property taxes from my NY state income tax?
No. However, you can deduct property taxes from your federal tax liability.
Can federal taxes withheld be tax deductible?
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.
Can I deduct state taxes from my federal taxes?
Yes, you can deduct state taxes from your federal taxes if you itemize your deductions on your federal tax return.
Can you deduct state income tax if you don't itemize your deductions?
No, you cannot deduct state income tax if you don't itemize your deductions.
Is there an income tax on treasuries?
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.
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.
