Income Tax Tips & Information - Income Tax Blog - Leave a Message Deductible Taxes Income Tax Blog > Income Tax Tips > Deductible Taxes Deductible Taxes - Tax Deduction Real property taxes are deductible. Construction period taxes are not deductible. They may be capitalized as construction costs. Sole proprietors, general partners, and certain LLC. Members pay self-employment tax on their net earnings from self-employment. They are entitled to deduct one-half of the tax as an adjustment to gross income on their personal income tax returns. Personal property tax on any property used in a business is deductible. Sale tax to acquire a depreciable asset used in a trade or business, is deductible. If sale tax is paid to acquire a non-depreciable asset, it is still treated as part of the cost of the asset and is deductible. If you have employees and pay the employer portion of FICA for them, you can deduct this amount as a tax. An employer who pays into a state unemployment insurance fund may deduct the payments as taxes. Corporate franchise taxes are a deductible business expense. Excise taxes paid or incurred in a trade or business are deductible. Taxes on gas, diesel fuel, and other motor fuels used in your business are deductible. Comments about this topic (0) · No comments yet, be the first to comment Related Income Tax Blog Resources: · Resources for Advertising · Most Common Advertising Costs · Resources for Tax Deduction · Depreciation Expenses · Car Expenses   GOT A TAX TIP?     POST IT HERE! Subject » Name » Email » Code »   <<

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