Yes, you can. The annual cost of your tax software is a good deduction. If you are doing two returns, your 1040 and your Schedule C, you can split the cost evenly between Schedule A and Schedule C. For your Schedule A, the fees are input in the Federal Deductions and Credits section of the program under Other Deductions and Credits as Tax Preparation Fees. For your Schedule C, you could enter this as “Other Expenses.” In the Business Income and Expense section of Business.
Yes, you can. The annual cost of your tax software is a good deduction. If you are doing two returns, your 1040 and your Schedule C, you can split the cost evenly between Schedule A and Schedule C. For your Schedule A, the fees are input in the Federal Deductions and Credits section of the program under Other Deductions and Credits as Tax Preparation Fees. For your Schedule C, you could enter this as “Other Expenses.” In the Business Income and Expense section of Business.
Why split when you are likely to lose the Schedule A deduction?
What if I have 3 small business (Schedule C) and am also doing a 1040. How do I split up the cost? Would it only be 25% on my Sched A and 25% for each of my Schedule C companies?
Yes, that would be a fair way to report the software cost. Note that the portion for Schedule A will be used only if your total itemized deductions are more than the standard deduction for the current tax year. TurboTax will explain this to you as you work through Deductions & Credits.