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Are state income payments deductible on federal taxes for corporations?
State income payments are generally not deductible on federal taxes for corporations. The Internal Revenue Service (IRS) does not allow deductions for state income taxes paid by corporations when calculating federal taxable income. However, corporations may be able to deduct state income taxes as a business expense on their state tax returns. It is important for corporations to consult with a tax professional or accountant to ensure compliance with federal and state tax laws.
What line on 1040A is total federal tax paid?
The total Federal Tax paid is the sum of the federal taxes that you have payed either through payroll deductions or estimated taxes that you have paid to the federal government or others that have paid federal taxes to your benefit, for that particular tax year.
Is rent expense an other expense?
If rent is paid for any activity which is directly related with the primary business activity then rent is not other expense, but if rent is paid for activity which is not directly related to primary business activity then it is other expense.
Can federal taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
What is the average federal taxes paid per person?
4600
Currently individuals and business pay taxes directly to the federal government in the early years of your country?
taxes were paid to the states who, in turn, paid the federal government.
What are federal estate taxes?
Federal state taxes are taxes to be paid to the federal government on owned property. Theses taxes are to be paid once a year.
What do federal income taxes fund?
Any and every expense of the Federal government with the exception of the small amount paid for from other funding methods like interest received.
Are state income payments deductible on federal taxes for corporations?
State income payments are generally not deductible on federal taxes for corporations. The Internal Revenue Service (IRS) does not allow deductions for state income taxes paid by corporations when calculating federal taxable income. However, corporations may be able to deduct state income taxes as a business expense on their state tax returns. It is important for corporations to consult with a tax professional or accountant to ensure compliance with federal and state tax laws.
What line on 1040A is total federal tax paid?
The total Federal Tax paid is the sum of the federal taxes that you have payed either through payroll deductions or estimated taxes that you have paid to the federal government or others that have paid federal taxes to your benefit, for that particular tax year.
What types of taxes paid are not allowable deductions on your tax return?
Federal income taxes are not deductible on your federal or state income tax return. http://small-business-tax-info.com
What types of taxes are federal taxes?
Federal taxes are paid to the federal government. There are many different ones; in the transportation business income tax, Social Security tax, unemployment tax, fuel tax, road tax and federal excise tax are the most important.
Are taxes taken out of life insurance?
Personal life insurance proceeds are generally paid out free of income taxes as long as the premiums were paid with after-tax dollars. But if a business paid the premiums and deducted the premiums as an operating expense, then the life insurance proceeds would be taxable to the beneficiary.
Is rent expense an other expense?
If rent is paid for any activity which is directly related with the primary business activity then rent is not other expense, but if rent is paid for activity which is not directly related to primary business activity then it is other expense.
Can federal taxes paid in 2007 for tax year 2006 be deducted for 2007 taxes?
No. Federal taxes are never deductible from Federal taxes! (Even if you paid them the year they were due. Certainly paying them in a later year won't produce a benefit).
Who do you pay your taxes to?
Federal taxes are paid to the Internal Revenue Service.
Can you deduct the interest paid on state taxes on your federal income taxes?
yes
