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?
Announcements
Do you have a TurboTax Online account?
We'll help you get started or pick up where you left off.
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?
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?
No, Federal tax penalties and interest are not deductible on your return.