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Can I expense all financial help I get, say my CPA expenses?

Can I expense the costs I spent in getting financial assistance from a CPA for example when they do my taxes? 

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1 Reply
FranklinF
Employee Tax Expert

Can I expense all financial help I get, say my CPA expenses?

Yes, as long it is in relation to a business activity as it would be a business expense that is both ordinary and necessary for the business operation. The above also includes Residential Rental Activities. 

Now if the scope of the service you receive from your CPA is limited to your Individual Tax Return (1040) with NO ASSOCIATIED BUISNESS ACTIVITY, then you will not be able to claim the CPA services as an expense.

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