Im a single member LLC filing a schedule C for the tax year 2017. Can I deduct the cost of TurboTax and any CPA consulting fees on my schedule C rather than under Schedule A tax prep? Is this considered a shared expense between business and personal?
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To deduct tax preparation fees, you must itemize deductions on Schedule A, and the sum total of your miscellaneous deductions including your fees must exceed 2% of your Adjusted Gross Income.
Given the above limitations you may not be able to benefit from your tax prep expenses.
To enter tax prep fees:
· Type tax preparation fees in the search box, top right of your screen, hit the Enter key
· Click the jump to tax preparation fees link in the search results
· Follow to prompts and online instructions
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