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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29574
Experience:  Taxes, Immigration, Labor Relations
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I haven't filed 2015 S Corp taxes yet, i have a question

Customer Question

I haven't filed 2015 S Corp taxes yet, i have a question regarding that.
can i deduct 2014 federal taxes and state taxes i have paid in 2015 out of business account?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
You may deduct state income which you paid during 2015 on your tax return - schedule A.You may not deduct federal income tax on your federal income tax return.
Expert:  Lev replied 1 year ago.
There are four types of deductible nonbusiness taxes:State, local, and foreign income taxesState, local, and foreign real estate taxesState and local personal property taxes, andState and local general sales taxesTo be deductible, the tax must be imposed on you and you must have paid it during your tax year. Taxes may be claimed only as an itemized deduction on Form 1040, Schedule A (PDF), Itemized Deductions. Some taxes and fees you cannot deduct on Schedule A include federal income taxes, social security taxes, transfer taxes (or stamp taxes) on the sale of property, homeowner's association fees, estate and inheritance taxes, and service charges for water, sewer, or trash collection...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.