Are payments made to the IRS tax deductible for the following year?

Question

I am paying the IRS 300-400 a month this year. Will I be able to claim this next year when I itemize?

Answer 1

There is a place for you to fill in how much you paid in federal taxes in the previous year, but it has nothing to do with itemizing.

You might be able to itemize your state income taxes, if you paid any during the year.

Answer 2

Depends on what you are paying them for. Federal income taxes are not deductible in computing the federal income tax. Of course, if you are making estimated payments, or having money withheld from your pay check, you are paying the tax itself, so you don't pay the same tax again when you file your return.

One half of your self-employment tax is deductible. FUTA taxes and excise taxes related to a business are deductible as ordinary and necessary business expenses.

Answer 3

Unfortunately no. Paying the IRS is a neverending cycle unless you become very poor with no income or die. Not very enticing options.

Unless you decide to move overseas to work because there is an earnings threshold under which you do not pay US taxes, but you will have to pay tax to the government where you are staying. So, you are stuck with paying taxes. Sorry.

Answer 4

The Federal Taxes you pay are not itemized deductions but, I am assuming, withholding. Therefore, you will use that amount to reduce the amount of tax owed, and if it is greater, then you will get a refund.

Answer 5

No, federal taxes are not deductible, state taxes are deductible. However, state taxes are deductible in the year paid on Schedule A.

Answer 6

no, paying what you owe is not tax deductable.

Answer 7

Nope. Nice try.

Answer 8

No