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Question

Can the difference in taxes (from personal to entering business information) be considered a business expense for next year's taxes?

Forum|Forum|3 years ago
March 8, 2023
1 reply
0 views

I entered all my personal information for taxes and was getting money back. Once I entered our business information (through small business turbo tax), we owed money. Could this be considered a business expense for next year since it went down after entering our business expenses/income?

TurboTax Self Employed Online

No, No, and No. federal income taxes are never a deductible expense. any state taxes on your personal return may be deductible on schedule A to the extent paid in 2022. the IRS does not allow state income taxes on a personal return that relates to a business to be deducted as a business expense.