Your Ask Joey ™ Answer

What types of tax payments can be included in itemized deductions?

Certain types of tax payments will be considered tax deductible if the taxpayer chooses to itemize instead of taking the standard deduction. Taxes will be deductible in the year that they are paid to the Internal Revenue Service (IRS). For the individual taxpayer tax payments that are deductible consist of real estate taxes, state & local income taxes, and sales taxes.

There are certain types of taxes that are nondeductible. This would include personal property taxes, federal income taxes, business/rental property taxes, and inheritance taxes.


Back To All Questions

You might also be interested in...

  • Three Reasons to Become an Accountant

    If you’re someone who is intrigued by numbers, enjoys problem-solving and wants to help others, then accounting might be the perfect career for you. While some people may be put off by its unalluring reputation, accounting is an excellent career choice that has many benefits. In this article, we look at three of the reasons...

  • Qualified Retirement Planning: Tax Advantages & Disadvantages

    Home Advantages and Disadvantages of Tax-Free and Deferred-Tax Retirement Plans What are “qualified retirement plans” and how can they be effective for tax planning? Well, there are plenty of tax savings advantages to individuals contributing to tax-free retirement accounts, as well as tax-deferred retirement accounts. However, this doesn’t necessarily mean that there are no disadvantages...

  • CPA Evolution Survival Guide

    Download Your eBook by selecting the download icon in the top right-hand corner