In 2024 I paid my CPA for preparing my 2023 S-corp tax return. I had sold the business and let the S-corp retire at the end of 2023, so it no longer exists and no S-corp return is required any longer. The fee normally would have been a legitimate deduction on the following year's corporation return. Is the fee I paid in 2024 for the preparation of the 2023 tax return deductible on my 2024 individual return, and, if so, where do I list the deduction?
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No. You cannot deduct your S-Corp tax prep fees on your personal return. Tax prep and accounting fees are not currently deductible on an individual tax return.
Thanks for the response. Can I file a corporation amended return to get credit for the legitimate professional services deduction?
Unless you prepaid the tax preparation fee before the S-Corp ceased operations, that fee would not be reportable on an amended tax return.
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