Question

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

Forum|Forum|2 years ago
April 13, 2024
1 reply
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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?

P

PaulaM

Employee

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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