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Importing tax preparation fees from Quickbooks

Just curious here. I understand that the fees I paid last year to an accountant to prepare my business taxes can be classified and deducted as Professional and Legal fees. But in Turbo tax I see a separate entry on the deductions list for Accounting/Tax Preparation fees. Since I classified the accountants fee as Professional and Legal fees that amount gets imported as such and not as Accounting/Tax Preparation fees. Even though in the end it really doesn't matter is there a way to classified this fee in Quickbooks such that the fee gets imported as Accounting/Tax Preparation fees?

3 Replies
Level 15

Importing tax preparation fees from Quickbooks

You would have to ask the QuickBooks forum.


Go over to the QuickBooks forum here…

Not applicable

Importing tax preparation fees from Quickbooks

Revenue Ruling 92-29, 1992-1 C.B. 20, considers whether tax preparation fees
incurred by a sole proprietor are deductible on Schedule A of Form 1040 as a
miscellaneous itemized deduction, or whether these expenses are deductible in
determining adjusted gross income (on Schedule C, Profit of Loss from Business)
as a trade or business expense.1
Under the facts of the ruling, the individual pays
$500 to a tax return preparer. Of the $500, $200 is properly allocable to preparing
the Schedule C, with the remaining $300 properly allocable to preparing the rest of

the individual’s federal income tax return. The ruling holds that the $200 expense
for preparing Schedule C is deductible in computing adjusted gross income,
whereas the remaining $300 is deductible under section 212(3) as a miscellaneous
itemized deduction. 

under current tax law the deduction under section 212(3) has been eliminated.  

Level 15

Importing tax preparation fees from Quickbooks

He's asking from Turbo Tax Business and about a Business return not personal schedule C.

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