Federal Income Tax Deductible?


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Is Fed. income tax deductible paid for prior year deductible in the following year on the Federal return?
 
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smallbushelp

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Your question isn't very clear. Can you restate it please and we'll see if we can help.
 
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Are Federal income taxes paid in 2014 deductible from 2015 taxable income on the Federal return?
 
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Is Fed. income tax deductible paid for prior year deductible in the following year on the Federal return?
Odd response from the first guy as you only accidently repeated a word in your question, which in my opinion was pretty clear. Anyways, for individual income tax purposes, state taxes paid during the prior year (the same time period that you are reporting your earnings for) are deductible but only if you would benefit from itemizing your deductions as opposed to taking the standard deduction; federal taxes paid in that same time period, otherwise, are not deductible. Regarding business taxes and deductibility with various taxing authorities is a bit more complicated of a discussion
 

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