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Guru_Guy
Guru_Guy, Lawyer (JD)
Category: Tax
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Experience:  I am a lawyer who understands tax law and finance.
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are 941 taxes deductible on your tax returns

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if i pay in 941 taxes on each quarter, then at the end of the year on the schedule c are these taxes deductible
Hello,

Federal income taxes paid quarterly are the same as withholding taxes paid by employees. The money paid is used as a credit against your total tax debt. You would enter this money on line 65 of your 1040 form.

I hope this helps!
Customer: replied 9 years ago.
Reply to Guru_Guy's Post: So my payroll taxes I pay each quarter during the yera 2006, are tax deductible on my yearly 1040, is that correct?
It's not deductible. It is a credit. A deduction only reduced the amount of money you are taxed on. A credit reduces the total amount you owe.

So, for example, you figure out all your taxes ignoring the quarterly payments and find that you owe $4000. Then you subtract out these quarterly payments at the very end of your 1040. Say you paid $3700 in quarterly payments. You subtract the $3700 from the $4000 and you would owe only $300 more in taxes. If your quarterly payments were more than you owe, you get a refund.
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