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?
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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.