can you write off your prior year tax preperation fees?

Answer 1

Yes you can....HOWEVER....tax preparation fees are miscellaneous itemized deductions, therefore

1. Your total itemized deductions has to exceed the standard deduction for your filing status, otherwise you get no benefit for claiming itemized deductions, AND

2. Miscellaneous itemized deductions are only deductible to the extent that it exceeds 2% of your adjusted gross income (only the amount in excess of 2% of your AGI is deductible).

If your tax prep fees are your only miscellaneous itemized deductions, chances are most likely that you won't be able to claim it.

Answer 2

Yes, you can, Smitty! Personal 1040 tax preparation fees are deductible as a miscellaneous itemized deduction on Schedule A. But please note that 1) this will only help if your total itemized deductions exceeds your standard deduction, and 2) miscellaneous itemized deductions only count in so far as they exceed 2% of your AGI.

Any preparation fees relating to business tax returns are fully deductible on the applicable tax form (Sch. C for sole proprietors, Sch. E. for rental properties, Sch. F for farmers, Form 1065 for partnerships, Form 1120 for corporations, etc).

Check the following link for more details. :-)

Answer 3

If your paid the fees during the tax year for which you are filing, you can claim them as itemized deductions.

Answer 4

Usually write-offs are done only when you will do the "long form". Your tax preparer or software shall be able to advise you if you are better off using the standard deductions or itemized deduction (where write-offs such as professional fees/tax preparation fees may be categorized)

Answer 5

till the valuables is a condo, you may no longer write of the HOA expenditures on your tax return. This grow to be one reason i offered a house in a community without HOA dues. it extremely is unquestionably the comparable as paying your man or woman gardner, maintence etc on the abode promptly quite of to a administration organisation.

Answer 6

*I am not an accountant.*
I do believe that as long as you claim under a corporation, you can deduct this item. If you claim as an individual and/or employee then the answer becomes, no, you can not.

In other words, in order to deduct Tax Preparation Fees, you must show it as a business expense.

You should make a quick call to a local company, such as H&R Block, (which I have no affeliation with).

Answer 7

yes you can

Answer 8

YES