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Can I deduct prior year annual LLC taxes paid in 2015?

My friend and I started a LLC in 2009 and neglected to pay the annual LLC tax. I paid all of the taxes and penalties and interest in 2015. Can I deduct these taxes in 2015?

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Accepted Solutions
BarbL
Employee Tax Expert

Can I deduct prior year annual LLC taxes paid in 2015?

You can deduct the annual tax in the year paid, in this case 2015. 

Penalties and interest are not deductible. Business expenses must be ordinary and necessary to be deductible, and the IRS does not consider penalties and interest to be ordinary or necessary.


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3 Replies

Can I deduct prior year annual LLC taxes paid in 2015?

Where do I enter this tax paid

Can I deduct prior year annual LLC taxes paid in 2015?

I would also like to know where to enter the payment for the prior year's annual LLC taxes paid?
BarbL
Employee Tax Expert

Can I deduct prior year annual LLC taxes paid in 2015?

You can deduct the annual tax in the year paid, in this case 2015. 

Penalties and interest are not deductible. Business expenses must be ordinary and necessary to be deductible, and the IRS does not consider penalties and interest to be ordinary or necessary.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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