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mikebrignola
Returning Member

Can I deduct the cost of turbotax home and business 2015 on my schedule C under professional expenses?

I paid 109.99 $ on Mar 24 for 2015 download of TT home and business

1 Best answer

Accepted Solutions
Marketstar
Level 7

Can I deduct the cost of turbotax home and business 2015 on my schedule C under professional expenses?

No, to deduct tax preparation fees, you must itemize deductions on Schedule A, and the sum total of your miscellaneous deductions including your fees must exceed 2% of your Adjusted Gross Income.

Given the above limitations you may not be able to benefit from your tax prep expenses.

To enter tax preparation fees:

  • Type in tax preparation fees, the search box, top right of your screen, then click the magnifying glass

  • Click the jump to tax preparation fees link in the search results

  • Follow to prompts and online instructions


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1 Reply
Marketstar
Level 7

Can I deduct the cost of turbotax home and business 2015 on my schedule C under professional expenses?

No, to deduct tax preparation fees, you must itemize deductions on Schedule A, and the sum total of your miscellaneous deductions including your fees must exceed 2% of your Adjusted Gross Income.

Given the above limitations you may not be able to benefit from your tax prep expenses.

To enter tax preparation fees:

  • Type in tax preparation fees, the search box, top right of your screen, then click the magnifying glass

  • Click the jump to tax preparation fees link in the search results

  • Follow to prompts and online instructions


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