So, if your adjusted gross income was $50,000, your tax preparation fees would have to be $1,000 or more for you to be able to deduct them, and that's generally significantly higher than it costs to have an accountant do your taxes. Especially since in order to deduct these fees in the first place they had to exceed two percent of your adjusted gross income. The upside to losing many of these itemized deductions is that the legislation did increase the standard deduction, so most people came out ahead. With the Tax Cuts and Jobs Act that passed in 2017, most of the itemized tax breaks were eliminated, including deducting medical costs, unreimbursed expenses for work, moving expenses, and theft losses in addition to the costs accrued with preparing your tax returns. If you're an employee, and you receive a W-2 in order to prepare your taxes, the short answer is that you are no longer able to deduct your tax preparation fees. Deducting Tax Preparation Fees on Personal Taxes To help you make the right choices about how you complete your returns, our small business accounting firm is taking a closer look at the issue. If the cost of tax preparation is a concern, you may be wondering if you can deduct the costs of preparing the returns from the taxes.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |