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Deductible Taxes



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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.

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