2006-12-18 06:23:59 · 6 answers · asked by jcwiechert 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Yes however, Move to Texas we don't have a state income tax.
2006-12-18 06:26:02 · answer #1 · answered by Texan 6 · 2⤊ 0⤋
They are deductible on Form 1120 if your business is a 'C C-corporation. If you are a sole proprietor, you would deduct the tax on your Schedule A, Form 1040. Profits on partnerships and S-Corporations would not incur income tax, but the profits from these activities are passed thru to the owner and would be taxed to the owner--and these profits would be taxed to the owner, not the S-Corp or Partnership
http://wwwtaxman.blogspot.com discusses some aspects of different forms of conducting your business.
2006-12-18 06:33:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, they are an itemized deduction on your tax return on schedule A. You may have to watch out for alternative minimum tax.
Taxes paid by a business are deductible by the business.
2006-12-18 07:17:30 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
Yes, state income taxes are deductible for Federal purposes. But they are not deductible for State purposes.
If it's for your business, then you deduct them against your business income.
If it's for your personal income taxes, then you deduct them on Schedule A.
2006-12-18 07:58:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes
2006-12-18 06:24:52 · answer #5 · answered by ? 7 · 0⤊ 1⤋
no
2006-12-18 06:25:52 · answer #6 · answered by Wasabi 3 · 0⤊ 2⤋