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palal9923
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| Posted: 28 May 2011 at 11:04 | IP Logged
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This is a pretty dumb question, but for Schedule C ( profit/loss from business) purposes... in the becker book it says under allowable expense - "State and local business taxes paid"
Then it goes on to say that unallowable expenses to be deducted on schedule C are "state and local tax expense"....
What is the difference between the two.. I am not getting it?
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killaking
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| Posted: 28 May 2011 at 15:01 | IP Logged
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I think they meant federal
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thechamp26
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| Posted: 29 May 2011 at 23:32 | IP Logged
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It's a weird set up, but state and local INCOME taxes from
a sole proprietorship are NOT deducted on Schedule C. Those
are transferred to Schedule A and deducted there. Same with
charitable contributions.
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MonicaFL
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| Posted: 03 Jun 2011 at 23:37 | IP Logged
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Think about it like this...
Is there another place on the tax form a sole p. could deduct state and local taxes from? Yes...then it doesn't get deducted from Sch. C.
That applies to other deductions too that can be found elsewhere.
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boston1234
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| Posted: 08 Jun 2011 at 00:40 | IP Logged
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it's the business state and local taxes that can be deducted on the
schedule C , so sales taxes and income taxes on the business income i
believe. the personal portion of the state and local taxes is what is not
deductible on Sch C, but instead on Sch A.
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Topic: C - Schedule Taxes
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