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Employee
June 1, 2019
Question

Small business deduction for previous years taxes paid to municipality

  • June 1, 2019
  • 1 reply
  • 0 views
I have a small part time internet business and I held inventory.  The city where it's stored charged me property tax and I paid 4 years worth of taxes to the city last year.   I assume (hope?) I can deduct this somewhere - is it just an expense of the business? Thanks in advance.

1 reply

MichaelL1
Employee
June 1, 2019

It is a business expense for taxes on the Sch C, however any penalty that you might have is not a deduction.