topic I hired a life coach who helped me with my business and upgrading my life in general. Is this deductable as a Schedule C expense? If yes, are there any requirements? in Business & farm

I hired a life coach who helped me with my business and upgrading my life in general. Is this deductable as a Schedule C expense? If yes, are there any requirements?

alashbrook — Sat, 01 Jun 2019 00:32:16 GMT

Yes, your consulting expense is deductible as an ordinary...

Marketstar — Sat, 01 Jun 2019 00:32:18 GMT

Yes, your consulting expense is deductible as an ordinary and necessary business expense.

Your only requirement is to be able to document the expense in the event of an audit although you may be asked to apportion the expense between business and personal consulting.

The expense should be entered in the Legal and Professional Fees category

Re: I hired a life coach who helped me with my business and upgrading my life in general. Is this deductable as a Schedule C expense? If yes, are there any requirements?

clstallard — Mon, 16 Mar 2020 19:44:04 GMT

If you have more than one business and you hired the same coach for the second business, can you deduct both consulting fees?

Re: I hired a life coach who helped me with my business and upgrading my life in general. Is this...

VictorW9 — Mon, 16 Mar 2020 19:59:29 GMT

Yes, you can. If you are sent only a single bill by the consultant, make sure you apportioned it between the two businesses. Better still, you can get the consultant to send you two separate invoices for the two businesses. Make sure you keep all documentation in the even of an audit.