I am self employed. If i make an estimated tax payment of $23,000.00. Do i deduct that payment from the income?

[Coleen3 · Accepted solution]

No, payment of federal income tax is not deductible. You would enter the payment in the estimated taxes section. Please see the screen shot below.

    Click on Federal Taxes (Personal using Home and Business)

•        Click on Deductions and Credits

•        Click on I'll choose what I work on (if shown)

•        Scroll down to Estimates and Other Taxes Paid

•        On Estimates, click on the start or update button