Are taxes a deductable business expense?
I own an S-corp and wonder if I can deduct tax payments mad as a business expense. I know property taxes are an expense but what about business taxes or any other kind?
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Ad Valorem taxes and licenses, yes. not income tax.
It depends on the type of tax.
Property Tax - Yes
Sales Tax - No
State Income Tax - Yes
Federal Income Tax - No
Other local taxes and fees - Probably
If you have an S-Corp, you should have a tax professional preparing the return.