deduct federal income tax


J

Jim

Is the money I used to pay my Federal taxes for 2003
deductable from my 2004 Federal taxes?

Thanks,

Jim
 
Ad

Advertisements

D

Dick Adams

Jim said:
Is the money I used to pay my Federal taxes for 2003
deductible from my 2004 Federal taxes?
Jim, they are not deductible for two reasons. First, the
money was, or should have been paid, in 2003 and, therefore,
is not a 2004 expense. Second, Federal Income Taxes is NOT
a specified deductible expense in the Internal Revenue Code.

HOWEVER, if you itemize, your State Income Taxes are a
specified deductible expense in the Internal Revenue Code
in the year they are paid.

Dick
 
V

Victor Roberts

Jim said:
Is the money I used to pay my Federal taxes for 2003
deductible from my 2004 Federal taxes?
No - but why not suggest that to your two senators and your
congressman. That would be the best tax law change of all
:)
 
Ad

Advertisements

M

mytax

Jim said:
Is the money I used to pay my Federal taxes for 2003
deductible from my 2004 Federal taxes?
No, not on your federal tax form.

Missy Doyle
 
D

D. Stussy

Jim said:
Is the money I used to pay my Federal taxes for 2003
deductible from my 2004 Federal taxes?
No.

Some states may allow a deduction for federal taxes.
 
D

D.F. Manno

Jim said:
Is the money I used to pay my Federal taxes for 2003
deductible from my 2004 Federal taxes?
No. Federal income tax is never deductible on a federal
return.
 
Ad

Advertisements

C

clj1219

Jim said:
Is the money I used to pay my Federal taxes for 2003
deductible from my 2004 Federal taxes?
Federal taxes, no matter what year you pay them, are not
deductible on your federal tax return. Nor your state (at
least not in Georgia).
 
V

Victor Roberts

D. Stussy said:
Some states may allow a deduction for federal taxes.
I didn't know this. Can you give an example. I might want to
move there :)
 
R

Rick Merrill

Jim said:
Is the money I used to pay my Federal taxes for 2003
deductible from my 2004 Federal taxes?
Jim, what do you think? - RM
 
K

Katie

D. Stussy said:
Jim wrote:
No.
Some states may allow a deduction for federal taxes.

Iowa and Montana are examples. There may be one or two
others.

For years beginning after 2004, the Montana deduction for
individuals is limited to $5,000.

Katie in San Diego

The foregoing is intended for educational purposes only and
does not constitute legal or professional advice.
 
Ad

Advertisements

D

D. Stussy

I didn't know this. Can you give an example. I might want to
move there :)
I don't do returns for any state that allows it. I have
heard that some state in the midwest does (Kansas or
Missouri, I think). It has been mentioned on this forum
before.
 
H

Harlan Lunsford

I didn't know this. Can you give an example. I might want to
move there :)
As that game show host once said, Vic:
"Come on .. dowwwwnnnn!" to Alabama that is. Deductions
are allowed for actual current year federal tax liability
(after credits and before other taxes) plus if one itemizes,
social security and self employment taxes.

ChEAr$,
Harlan Lunsford, EA n LA

Moderator: What enlightenment!!! What's the State tax rate?
 
Ad

Advertisements

G

Gene E. Utterback, EA

I didn't know this. Can you give an example. I might want to
move there :)
Montana - BUT, Montana also has the highest individual tax
bracket I've seen. It caps out at 11%!!!!

Gene E. Utterback, EA, RFC

Moderator: If you go to Montana, go to the Bitterroot Valley
or buy a huge snow plow.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top