Can I deduct the cost of doing my taxes if I have dual income - I get a W2 from my employer but also have my own business and work for myself part-time?

Forum|Forum|3 years ago
January 22, 2023
2 replies
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TurboTax Self Employed Online

Bsch4477

Level 15

As self employed you can deduct the cost of tax preparation. If you want to put a fine point on it, you could just deduct the difference between the cost of the program you would ordinarily use with the cost of the more expensive program for self employment.

MichaelG81

Level 7

Yes, if you are self-employed you can deduct the costs to do your taxes.

Go to "Other Deductions and Credits">"Tax Preparation Fees" to enter the amount of your tax preparation fees for your self-employed income, it will tell you right away if it makes a difference. And as @Bsch4477 you really do want to take the difference from your taxes compared to the cost of self-employed taxes. Remember, some versions are free covering most topics like W2 and Social Security income, among others. But when it comes to self-employed income/deductions/credits you must upgrade and take the difference of the price you would have paid for your personal taxes (out of self-employed or Home and Business, for example), and that is an eligible expense; it'll tell you right away if it benefited you or not, once done entering the amount. Of course, changes have happened since almost entirely cutting the deduction; but for self-employed it may benefit you depending on circumstances.

@kcswim818

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