Is my IRS balance due deductible next year?
2007-04-03 05:41:29 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Federal taxes paid are not deductible on your federal return. State income taxes paid *MAY* be deductible on your federal return. If your other deductions, along with state income taxes don't exceed your standard deduction, then teh additional taxes mean nothing tax wise. Also, if you are in the Alternative Minimum Tax (AMT), then the effectiveness of the tax deduction is greatly limited. (If you are deeply into AMT territory, then there is no tax affect.)
2007-04-03 05:55:53 · answer #1 · answered by garyg7 7 · 0⤊ 0⤋
Federal taxes are not deductible whether paid on time or as a balance due.
State taxes are deductible on the Federal Return, including a balance due on a state tax return.
2007-04-03 12:46:09 · answer #2 · answered by ninasgramma 7 · 2⤊ 0⤋
No, federal income taxes aren't deductible. State and local income taxes can be deducted if you itemize.
2007-04-03 14:34:33 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
no
2007-04-03 12:57:05 · answer #4 · answered by skcs11 7 · 1⤊ 0⤋