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Can I deduct my Financial Advisory Fees as a business expense on my 2018 return?

There both qualified and non-qualified accounts under management.  

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3 Replies
DDollar
Expert Alumni

Can I deduct my Financial Advisory Fees as a business expense on my 2018 return?

No, the deduction of financial advisory fees and investment fees is no longer deductible.  One of the biggest changes from the Tax Cuts and Jobs Act (TCJA) is the elimination of many personal itemized deductions. Starting in 2018 and continuing through 2025, taxpayers will not be able to deduct a large group of deductions called “miscellaneous itemized deductions” that were deductible to the extent they exceeded 2% of a taxpayer’s adjusted gross income.The itemized deduction for these expenses has been suspended for tax years 2018 through 2025.


Can I deduct my Financial Advisory Fees as a business expense on my 2018 return?

I'm asking if they can be deducted as a Business expense, not a personal expense.
DDollar
Expert Alumni

Can I deduct my Financial Advisory Fees as a business expense on my 2018 return?

If the fees were related to your business, then yes.  If the fees were for personal financial advice, management fees for a personal account, etc., then No.
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