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No, federal taxes are never deductible, whether it's a corporation or individual return. State and local taxes are though.
Here's why: if you deduct your prior year's federal tax paid for the year which you're filing a federal tax return, you're reducing your taxable income for that year. It's also why you don't have to report a refund from the IRS as taxable.
No, federal taxes are never deductible, whether it's a corporation or individual return. State and local taxes are though.
Here's why: if you deduct your prior year's federal tax paid for the year which you're filing a federal tax return, you're reducing your taxable income for that year. It's also why you don't have to report a refund from the IRS as taxable.
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