jmkes
New Member

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

 
JohnH2
New Member

Business & farm

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.

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Business & farm

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