I am making installments payments with the IRS in 2007 for taxes owed last year. Do I get to claim the taxes paid this year for last year, also what about any interest?
Thank You,
2007-10-02 01:30:29 · 5 answers · asked by Sky Hawk 1 in Business & Finance ➔ Taxes ➔ United States
No and No.
Federal taxes, either current or past due, are not deductible in any way.
Interest on taxes is considered personal and therefore not deductible.
2007-10-02 01:39:13 · answer #1 · answered by Wayne Z 7 · 0⤊ 1⤋
tax payments to the IRS are never deductible, and interest is not deductible for personal tax payments. State tax payments would be deductible on Schedule A - Itemized Deductions, but not federal taxes paid.
2007-10-02 02:12:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You get no Federal deduction for Federal taxes whether they're paid on time or paid late.
The interest rate is variable and can change quarterly. It's been pegged at 8% for a while now. There is no deduction for that interest.
2007-10-02 01:40:53 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Assuming that those are state earnings taxes which you paid, and you itemized in 2008 (or paid sufficient in state earnings tax to make it precious) then you particularly can amend your 2008 Federal earnings tax return (utilizing type 1040-X) to declare the deduction. word which you will in elementary terms declare the tax which you paid. regardless of ingredient of the $one million,800 turn into for effects and/or pastime isn't deductible.
2017-01-02 22:28:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No. Federal income tax isn't deductible, and the interest and penalties aren't either.
2007-10-02 04:26:28 · answer #5 · answered by Judy 7 · 0⤊ 0⤋