Self employed tax prep fee deduction

Forum|Forum|7 years ago
June 4, 2019
1 reply
24 views

The miscelleneous 2% threshold is rather interesting to reach. I would say my supplies, office expenses, meals, etc are all miscellenous but apparently the IRS doesn’t think so. However, as a self employed person, doing my own taxes, why can’t I put the TURBO Tax software and Audit Defense under “other miscellenous expenses” for Schedule C vs. under personal?

TurboTax Home & Biz Mac

Best answer by

You can indeed put a portion of your tax return preparation fees under Schedule C but can only include the total fees if you have no other form of income. The fees are what you paid in 2016, not 2017.

The 2% threshold for Miscellaneous expenses doesn't have anything at all to do with Self-Employed expenses. The miscellaneous expenses you're talking about are for job-related expenses, meaning income for which you receive a W-2. Self-Employment expenses are entered as part of your Schedule C interview and the expenses are listed under each category such as Supplies and Office expenses. You're mixing apples and oranges.

Anonymous

Answer

Asta

Level 3

i am in the situation. In your post, you mention that you can indeed put a portion of your tax return preparation fees under schedule C. How much is that. For example, i am making 3k from my regular job and also making 8k from doing doordash. The total cost of getting my tax done is between 200 - 300. Let be specific, let's say it is 200. Do you think that i should put 50% of under schedule C? what is your thought? can you please shed some light?

SusanY1

Level 15

It should be in proportion to the income, generally. With the numbers given you would be able to claim around 72% of the fee as business expense, or $144.

@Asta

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