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?
You'll need to sign in or create an account to connect with an expert.
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.
If I made the physical purchase of the software in January of 2024, can I still deduct it on my 2023 return?
No. It will go on your 2024 return next year.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
NS1
Level 3
Alex139
Level 1
colonia-2014
New Member
rvle
Level 1
meht261466
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.