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New Member
posted May 31, 2019 7:50:21 PM

Self employment expenses Question

Can you count last years tax return filing fee as an expense for Self Employment Sole Proprietor LLC? If yes, even if the amount was paid out of a personal bank account?

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New Member
May 31, 2019 7:50:22 PM

Yes you may deduct the Tax Preparation Fees as a Business Expense. Nevertheless it is always recommended that you keep a record of the transaction, Invoice, Receipts, etc. Whether you paid it from your personal bank account and allowed the business to expense the transaction does not present any issues with the IRS. As I mentioned before proper documentation is the key.