My husband and I owedtaxes last year, we want to know if you can deduct the amount we paid this year.
2007-01-30 04:40:18 · 8 answers · asked by abybabe_76 1 in Business & Finance ➔ Taxes ➔ United States
No.
The reason you owed taxes last you is that you didn't withhold enough. In the end, you paid exactly (we assume) the taxes you owed.
You can deduct sales tax or state taxes, however. See the directions on your IRS forms for limitations.
2007-01-30 04:51:58 · answer #1 · answered by Jay 7 · 1⤊ 0⤋
Any state income taxes you paid in 2006 for 2005 would be deductible on your 2006 Federal Term - assuming you itemize.
2007-01-30 06:49:32 · answer #2 · answered by Quixotic 3 · 1⤊ 0⤋
Only state and local taxes can be deducted on your federal tax return. You deduct what you paid in the calendar year (2006). Any federal taxes you paid in 2006 are not deductable on your federal return.
2007-01-30 05:19:32 · answer #3 · answered by Anonymous · 0⤊ 1⤋
you do not. the in hardship-free words time this style of situation ought to ensue is in case you had deducted the quantity of state tax withheld on your federal taxes, and then later were given funds back of a few of those withheld taxes, if it really is the case, then they were not taxed on your federal go back, and to that end the refund of those funds counts as taxable income the following 3 hundred and sixty 5 days.
2016-12-03 06:00:09 · answer #4 · answered by ? 4 · 0⤊ 0⤋
The state portion of your taxes are deductible on your federal taxes.
2007-01-30 04:50:21 · answer #5 · answered by Nusha 5 · 0⤊ 1⤋
Not if you're talking about federal taxes. If you itemize, you can deduct state and local income taxes.
2007-01-30 04:50:01 · answer #6 · answered by Judy 7 · 1⤊ 0⤋
No. The money you paid is for the services the state and federal government provides. They would like you pay for more of the services they provided during 2006.
2007-01-30 04:50:58 · answer #7 · answered by Amy V 4 · 0⤊ 1⤋
only if you had someone do them.. you can deduct what they charged you... but the taxes you paid.. no you can't
2007-01-30 04:47:55 · answer #8 · answered by Anonymous · 2⤊ 1⤋