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  1. #1
    zebian is offline Junior Member
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    Mar 2007
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    federal tax paid last year is deductable in form 1120?

    What is the name of your state? WA

    I have C corporation doing form 1120 for 2006.
    Last year this corporation paid $5300 in federal taxes when 2005 taxes were done. Is this $5300 considered as deduction for 2006 corporate tax calculation?

    In corporation account the $5300 is an expense item for 2006. the corporation did not file or pay any quarterly taxes.
  2. #2
    LdiJ is offline Senior Member
    Join Date
    May 2004
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    65,690
    Quote Originally Posted by zebian View Post
    What is the name of your state? WA

    I have C corporation doing form 1120 for 2006.
    Last year this corporation paid $5300 in federal taxes when 2005 taxes were done. Is this $5300 considered as deduction for 2006 corporate tax calculation?

    In corporation account the $5300 is an expense item for 2006. the corporation did not file or pay any quarterly taxes.
    If the 5300.00 was for regular income tax, then no, its not a deduction for 2006. If the 5300.00 (or any part of it) was for trust fund taxes (withholding, employer taxes etc.) then it would be deductible.

    Why do you have a C corp rather than an S corp?

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