Is my TurboTax payment a deductable expense for 2018?

just need to know if payment to Turbo Tax a deductible expense? It's a simple question. Answer is "yes" or "no".. Turbo Tax should know the answer.

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1 Best answer

New Member

Oct 30, 2019 7:57:31 AM

In most cases, no, the cost of tax software is not a deductible expense.

BUT, there are a couple of exceptions:

If you’re self-employed or earned rental income, accounting and tax prep software expenses are considered eligible business/rental deductions.
Commission employees may claim accounting fees and the cost of tax prep software as employment expenses. As with other employment expenses, have your employer complete and sign a Form T2200, Declaration of Conditions of Employment.

New Member

Oct 30, 2019 7:57:31 AM

In most cases, no, the cost of tax software is not a deductible expense.

BUT, there are a couple of exceptions:

If you’re self-employed or earned rental income, accounting and tax prep software expenses are considered eligible business/rental deductions.
Commission employees may claim accounting fees and the cost of tax prep software as employment expenses. As with other employment expenses, have your employer complete and sign a Form T2200, Declaration of Conditions of Employment.