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 Are IRS tax penalty payments deductible?

Answer Congress has determined that funds spent to satisfy IRS tax penalties do not qualify as tax-deductible expenses. Penalties are assessed when payments arrive late, stated deductions are denied or in... Read More »
http://www.answerbag.com/q_view/1947855

Top Q&A For: Are IRS tax penalty payments deductible

How to Take Equal Periodic Payments From a 401(k) Without a Tax Penalty?

Under normal circumstances, you will face a 10 percent tax penalty if you choose to take money out of your 401k early. But, if you roll the money in your 401k over into an IRA account, you can set ... Read More »
http://www.ehow.com/how_7363655_equal-payments-401_k_-tax-penalty.html

Is a pre-payment penalty tax deductible?

If a borrower's mortgage loan has a pre-payment penalty, the amount charged can be deducted from a borrower's income taxes in the same manner as his monthly mortgage interest is deducted.Source:IRS... Read More »
http://www.answerbag.com/q_view/1921137

Is the IRS Trust Fund Recovery Penalty tax-deductible?

The Internal Revenue Service, or IRS, Trust Fund Recovery Penalty Tax is not deductible. The Trust Fund Recovery Penalty is a tax penalty payment and tax penalty payment is not deductible.Reference... Read More »
http://www.answerbag.com/q_view/2243754

Are Alimony Payments Tax Deductible?

Alimony payments are deductible from taxes. Alimony payments are only deductible on Form 1040 Line 31a; they are not deductible on Form 1040A or Form 1040-EZ. The alimony must be from a divorce or ... Read More »
http://www.answerbag.com/q_view/2047107


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