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Is Turbotax payment tax deductible?
March 6, 2022
7:48 AM
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Getting started
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.
You can see out great TurboTax article Tax Tip: Deducting Income Tax Preparation Fees and Software Expenses to find more about the Turbo tax preparation fee and who can claim.
Thank you for choosing TurboTax.
March 7, 2022
2:07 PM