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Best way to factor in TT cost being used for personal and biz

I use TT for both my personal and business taxes.  What is the best way to deduct this expense?  Do I choose one for the full amount, split it 50/50 between the personal and biz, a different way?

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3 Replies
PaulaM
Expert Alumni

Best way to factor in TT cost being used for personal and biz

I assume you mean you have a Schedule C business. You could deduct it 50% of the tax prep fees for your business, or a ratio of your business income to your total income. 

 

Tax prep fees for your personal return are no longer deductible. The business deduction would be for a percentage that you paid in 2023. 

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Best way to factor in TT cost being used for personal and biz

If I made the physical purchase of the software in January of 2024, can I still deduct it on my 2023 return?

Best way to factor in TT cost being used for personal and biz

No.  It will go on your 2024 return next year.

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