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Level 1
June 3, 2019
Question

In my LLC, I had to pay a penalty for filing taxes late. I paid the penalty from my personal account. Where to I account for this payment and is it deductible?

  • June 3, 2019
  • 1 reply
  • 4 views
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1 reply

June 3, 2019

No, Federal tax penalties and interest are not deductible on your return.