are my fees for tax payments deductible
The Internal Revenue Service allows you to deduct attorney’s fees you pay for tax-related work. When the work involves drafting, reviewing or correcting a will, the fees charged may or may not be tax-deductible. It all depends on the nature of the work and how the attorney bills you for it.When in doubt, consult an experienced tax attorney or professional accountant.hen the work involves drafting, reviewing or correcting a will, the fees charged may or may not be tax-deductible. It all depends on the nature of the work and how the attorney bills you for it. When in doubt, consult an experienced tax attorney or professional accountant. You must pay the tax during your tax year. If you are a cash basis taxpayer, you can deduct only those taxes you actually paid during your tax year. If you pay your taxes by check and the check is honored by your financial institution, the day you mail or deliver the check is the date of payment.he remaining $251 ($752 paid less $501 deduction) of taxes paid in 2015, along with the $680 paid in 2014, is added to the cost of their new home. Because the taxes up to the date of sale are considered paid by the seller on the date of sale, the seller is entitled to a 2014 tax deduction of $931. For details on claiming miscellaneous deductions and figuring the 2 percent limit, see Publication 529.The fees are deductible in the tax year they occur. For example, fees charged to payments made during 2009 can be claimed on the 2009 return filed next year.ederal law bars the IRS from paying any fees associated with these credit or debit transactions. Card processors normally charge taxpayers for convenience fees when they use their credit or debit card to pay taxes. Exception. You cannot deduct state and local income taxes you pay on income that is exempt from federal income tax, unless the exempt income is interest income. For example, you cannot deduct the part of a state's income tax that is on a cost-of-living allowance exempt from federal income tax.he remaining $251 ($752 paid less $501 deduction) of taxes paid in 2015, along with the $680 paid in 2014, is added to the cost of their new home. Because the taxes up to the date of sale are considered paid by the seller on the date of sale, the seller is entitled to a 2014 tax deduction of $931. However, the IRS makes an exception for fees related to the collection or the payment of taxes, or in an effort to obtain a tax refund. An attorney's -- or another preparer's -- fees for preparing a tax return, for example, are deductible, as is advice given for that return.Fees charged in defending you in a tax audit or in representing you before the IRS are likewise deductible.hen the work involves drafting, reviewing or correcting a will, the fees charged may or may not be tax-deductible. It all depends on the nature of the work and how the attorney bills you for it. When in doubt, consult an experienced tax attorney or professional accountant. See Table 22-1.Taxes and fees that are generally not de-ductible include the following items.Employment taxes. This includes social security, Medicare, and railroad retirement taxes withheld from your pay. However, you can take a deduction in 2012 for the deductible part of self-employment tax.n that case, deduct the estate tax as a miscellaneous deduction that is not subject to the 2%-of-adjusted-gross-income limit. For more information, see Publication 559, Survivors, Executors, and Administrators. Federal income taxes. This includes in-come taxes withheld from your pay.Fines and penalties. IR-2009-37, April 7, 2009. WASHINGTON — Credit or debit card convenience fees charged for paying federal individual income taxes electronically are deductible for some taxpayers who itemize, the Internal Revenue Service announced today.ederal law bars the IRS from paying any fees associated with these credit or debit transactions. Card processors normally charge taxpayers for convenience fees when they use their credit or debit card to pay taxes. Federal law bars the IRS from paying any fees associated with these credit or debit transactions. Card processors normally charge taxpayers for convenience fees when they use their credit or debit card to pay taxes.Fees vary but average about 2.5 percent of the tax payment.ederal law bars the IRS from paying any fees associated with these credit or debit transactions. Card processors normally charge taxpayers for convenience fees when they use their credit or debit card to pay taxes. Credit card payments can be one of your biggest monthly business expenses. But if you're thinking about using them as one huge tax write-off, think again. Credit card payments are really loan repayments, and there's no tax deduction for paying off a debt.nterest Deduction. The interest you pay on your business credit card purchases is fully deductible, as long as the purchases were business-related. You can deduct the interest only in the year you pay it. Determine how much interest you paid by checking your monthly credit card statements. You can deduct state and local income taxes. You can deduct the amount withheld from your pay in the year in which they are withheld. A refund would be taxable income in the year the refund is received if you itemized your deductions in the prior year. Estimated tax payments are deductible in the year paid.A prior year refund applied to your taxes for the following year is deductible in the year it is credited to your taxes. If you file a separate return, you and your spouse can only deduct those taxes that apply to your own income.ou can deduct the amount withheld from your pay in the year in which they are withheld. A refund would be taxable income in the year the refund is received if you itemized your deductions in the prior year. Estimated tax payments are deductible in the year paid.
No