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Interest paid to IRS by sole proprietor

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    #1

    Interest paid to IRS by sole proprietor

    Sole proprietor had installment agreement for paying 2013 tax bill. Can the interest paid to IRS in 2014 be deducted? If so, where? Thank you for any assistance~~! Happy Oct. 14th~~! One more day to go...
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    #2
    Originally posted by rmcgrobi View Post
    Sole proprietor had installment agreement for paying 2013 tax bill. Can the interest paid to IRS in 2014 be deducted? If so, where? Thank you for any assistance~~! Happy Oct. 14th~~! One more day to go...
    Depends on what type of tax the installment agreement is for. If for payroll tax, then interest portion (not penalty) is deductible on Sch C. If for income or s/e tax, then no deduction

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      #3
      kathyc2 Thanks~~!

      Thanks for the info~~! Interest paid to IRS is on tax owed on net profit from business...so no deduction. Thanks again~~!

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