Can I deduct prior year annual LLC taxes paid in 2015?

Forum|Forum|6 years ago
June 1, 2019
3 replies
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My friend and I started a LLC in 2009 and neglected to pay the annual LLC tax. I paid all of the taxes and penalties and interest in 2015. Can I deduct these taxes in 2015?

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Best answer by BarbL

You can deduct the annual tax in the year paid, in this case 2015.

Penalties and interest are not deductible. Business expenses must be ordinary and necessary to be deductible, and the IRS does not consider penalties and interest to be ordinary or necessary.

fourstrokingAuthor

Employee

Where do I enter this tax paid

arachelbruce

Employee

I would also like to know where to enter the payment for the prior year's annual LLC taxes paid?

BarbLAnswer

Employee

You can deduct the annual tax in the year paid, in this case 2015.

Penalties and interest are not deductible. Business expenses must be ordinary and necessary to be deductible, and the IRS does not consider penalties and interest to be ordinary or necessary.

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