cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

I have a small business. Can I deduct the entire cost of Turbotax Home and Business used to file last year's taxes?

 
1 Best answer

Accepted Solutions
Highlighted
Level 1

I have a small business. Can I deduct the entire cost of Turbotax Home and Business used to file last year's taxes?

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.

View solution in original post

2 Replies
Highlighted
Level 1

I have a small business. Can I deduct the entire cost of Turbotax Home and Business used to file last year's taxes?

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.

View solution in original post

Level 1

I have a small business. Can I deduct the entire cost of Turbotax Home and Business used to file last year's taxes?

Why split when you are likely to lose the Schedule A deduction?