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New Member
posted Jun 3, 2019 11:45:13 AM

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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1 Replies
Expert Alumni
Jun 3, 2019 11:45:14 AM

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