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Subjects>Business>Accounting

Can you deduct the amount you pay your tax account?

Anonymous

∙ 12y ago

Updated: 9/15/2023

I am not sure what you mean by this or what kind of tax account you may be referring to.

On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.

A few states let you deduct federal income taxes on your state return.

Wiki User

∙ 12y ago

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Continue Learning about Accounting

When did IRAs change from pretax to post tax?

Only when you do not qualify to deduct your contribution from your total income an pay have to pay the income in the year of the contribution then you would have a post tax contribution amount in your IRA account after income tax cost basis in your IRA account.

Can you deduct roth IRA contributions?

No, you can not deduct Roth IRA contributions. You pay regular income tax on the money you contribute to a Roth IRA. The tax advantage is that the taxes have already been paid with it is time to withdraw the money. Additionally, you pay no income tax on the increase in account value from interest, dividends, etc.

Is an IRA considered deferred income?

When you qualify to deduct the amount on your income tax return for the year and do pay any income in that year on the amount then it would be deferred compensation. When you start taking the distributions form the IRA account you do not have any cost basis in the deferred compensation account so the distribution will be subject to income tax at that future time.

Can you deduct the amount of money taken out of your paycheck for a garnishment on your tax return?

No

Can a lender bill you through your escrow for your annual tax amount if they did not paid the taxes?

When that would happen you probably did not have enough in the escrow account to the taxes when the taxes were due. Usually an amount is taken from each monthly payment and added to the estimated tax amount that will be needed when they receive the tax bill and then they pay the tax amount out the amount that is supposed in the escrow account when the tax is due.

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Related Questions

When did IRAs change from pretax to post tax?

Only when you do not qualify to deduct your contribution from your total income an pay have to pay the income in the year of the contribution then you would have a post tax contribution amount in your IRA account after income tax cost basis in your IRA account.

Can you deduct the amount of money you pay for child support from your earned income?

not for tax purposes

Can you deduct roth IRA contributions?

No, you can not deduct Roth IRA contributions. You pay regular income tax on the money you contribute to a Roth IRA. The tax advantage is that the taxes have already been paid with it is time to withdraw the money. Additionally, you pay no income tax on the increase in account value from interest, dividends, etc.

Is an IRA considered deferred income?

When you qualify to deduct the amount on your income tax return for the year and do pay any income in that year on the amount then it would be deferred compensation. When you start taking the distributions form the IRA account you do not have any cost basis in the deferred compensation account so the distribution will be subject to income tax at that future time.

What are the guidelines for claiming a property tax write off in California?

To claim a property tax write-off in California, you must own the property and pay property taxes on it. You can deduct the amount you paid in property taxes on your federal income tax return, but there are limits on the total amount you can deduct. It's important to keep records of your property tax payments and consult with a tax professional for specific guidance.

What is gross sales tax?

gross sales tax is the tax you pay on total receipts/sales. basically you can't deduct any expenses before you pay the tax.

Can you deduct the amount of money taken out of your paycheck for a garnishment on your tax return?

No

Can a lender bill you through your escrow for your annual tax amount if they did not paid the taxes?

When that would happen you probably did not have enough in the escrow account to the taxes when the taxes were due. Usually an amount is taken from each monthly payment and added to the estimated tax amount that will be needed when they receive the tax bill and then they pay the tax amount out the amount that is supposed in the escrow account when the tax is due.

Use the word deduct in a sentence?

When calculating your taxes, remember to list the property tax payment as a deduction, so you pay less tax.

Can a proprietor deduct Income tax from employees?

This will depend on what country you're talking about. The rules in the UK are that not only can he deduct tax, but he must. It's called Pay As You Earn (PAYE)

Can you itemize hospital bills on your tax return that you have not paid in full?

No. The only deductions that you can take on a tax return are items that you actually paid. However, you can deduct the amount of the bill that you did pay and then next year you can deduct the part that was paid during this year, even though the bill was for last year.

Is the offshore oil rig work tax free?

Generally no. If you are a US citizen, you are obligated to pay US tax whether you work on US land, US water or outside the US. If you must also must pay foreign income tax, generally you are able to deduct this amount from your US tax.

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