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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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.
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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