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Federal income
taxes are not deductible on federal, state or local income tax
returns. There is no advantage to prepaying federal income taxes
before their due date, for this reason. State and local income
taxes are deductible on federal income tax returns. It is smart
to prepay these taxes before the tax year ends to get a
deduction on your federal tax return.
If you are on a cash basis, it is usually wise to prepay as many
of your expenses that you can before the end of the tax year,
and to postpone collecting your income until the following tax
year.
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The views
reflected herein are those of the authors and do not necessarily
represent the position of the SUFFOLK COUNTY ELECTRICAL
CONTRACTORS ASSOCIATION, INC. or its Board of Directors.
General
Membership Meetings are held on the third Thursday of each
month. Welcome all. For cancellation of any meetings, listen to
WALK-97.5, WBAB-102.3, WBLI-106.1 |
