fototx
New Member

Can I deduct the cost of TurboTax and any CPA consulting fees on my schedule C?

Im a single member LLC filing a schedule C for the tax year 2017.  Can I deduct the cost of TurboTax and any CPA consulting fees on my schedule C rather than under Schedule A tax prep?  Is this considered a shared expense between business and personal?


Get your taxes done using TurboTax

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 prep fees:

·         Type tax preparation fees in the search box, top right of your screen, hit the Enter key

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

·         Follow to prompts and online instructions


Get your taxes done using TurboTax

What specific consulting fees are you referring to?
fototx
New Member

Get your taxes done using TurboTax

They are fees paid to a CPA for tax prep advise

Get your taxes done using TurboTax

In that case, you would add it to your tax preparation fees in the above area.