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June 4, 2019
Solved

Can I deduct the cost of turbotax home and business 2015 on my schedule C under professional expenses?

  • June 4, 2019
  • 1 reply
  • 0 views

I paid 109.99 $ on Mar 24 for 2015 download of TT home and business

Best answer by Marketstar

No, 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 preparation fees:

  • Type in tax preparation fees, the search box, top right of your screen, then click the magnifying glass

  • Click the jump to tax preparation fees link in the search results

  • Follow to prompts and online instructions


1 reply

Employee
June 4, 2019

No, 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 preparation fees:

  • Type in tax preparation fees, the search box, top right of your screen, then click the magnifying glass

  • Click the jump to tax preparation fees link in the search results

  • Follow to prompts and online instructions