The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Questions on (late) City Taxes||Date: 8/21/2013 12:10 AM|
|Author: TMFBigFrog||Number: 119041 of 122561|
A friend of mine just informed me that the city he works and lives in is asking him for unpaid city income taxes for 2010, 2011, and 2012. (He admits that he didn't have his tax withholdings correct at his work and that he owes something.)
As he pays off these back tax debts, interest on the back tax debts, and penalties on the back tax debts, is any of the payment potentially deductible on his federal taxes? If so what part or parts? Also, when? Would it be deductible as he pays it (IE: in 2013 or 2014), or would he have to amend prior years to claim the deduction?
Inside Value Home Fool
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|