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ms500
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Posted: 04 Oct 2009 at 10:18 | IP Logged  
In becker's final exam 2
state income taxes for business: it says that it is not deducted under Schedule C, this is an itemized deduction, which I believe is wrong

I understand that, this is a business exps and has to be deducted on Schedule C and also Becker R1-page 27 confirms that. Now, beckers book and final simulation mcq is contradicting each other

Please correct me if I am wrong

Thanks


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jrupa
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Posted: 04 Oct 2009 at 12:37 | IP Logged  

yes u are correct state tax paid for business is deducted from bussiness income .. and state tax paid by individual personally will be taken as an itemised deduction....

All these confusing things makes me really worried and panic....

ms 500 when is ur exam ???
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ms500
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Posted: 04 Oct 2009 at 13:47 | IP Logged  
jrupa wrote:

yes u are correct state tax paid for business is deducted from bussiness income .. and state tax paid by individual personally will be taken as an itemised deduction....

All these confusing things makes me really worried and panic....

ms 500 when is ur exam ???


Hi jrupa

thanks for confirming above

just last min review, writing exam on 5/10

thanks


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jrupa
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Posted: 04 Oct 2009 at 14:45 | IP Logged  
All the best i know  u are wellprepared .. u are going to win
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venchlu
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Posted: 04 Oct 2009 at 20:17 | IP Logged  
 I also did the final exam 2 today..and I think the becker is wrong about state tax paid for the business. I was also confused by the answer the becker gave. I will say it is deductible on form 1040 sch c.
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