Is the money I used to pay my Federal taxes for 2003 deductable from my 2004 Federal taxes? Thanks,
Jim
Is the money I used to pay my Federal taxes for 2003 deductable from my 2004 Federal taxes? Thanks,
Jim
No.
Some states may allow a deduction for federal taxes.
I didn't know this. Can you give an example. I might want to move there :-)
-- Vic Roberts Replace xxx with vdr in e-mail address.
Montana - BUT, Montana also has the highest individual tax bracket I've seen. It caps out at 11%!!!! Gene E. Utterback, EA, RFC
Moderator: If you go to Montana, go to the Bitterroot Valley or buy a huge snow plow.
California capped out at 11% in the early 1990's. That's where "Gray-out Davis" got the surplus he blew on electricity for the state that caused his recall, leaving us with Arnold.
There's currently a bill, "AB 6," in the CA legislature this term that will return the 11% - but with Prop 63's 1% surcharge for medical research that passed in November 2004, that may create a 12% bracket for those over $1M.
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