Tax preparation can be complicated, and many people hire professionals to help them file accurately and on time. Paying for these services can be a significant expense, which leads many people to ask: Are tax prep fees tax deductible?
The short answer is that it depends. Whether you can deduct those fees often hinges on your filing status, whether you’re an employee or self-employed.
This article will cover the deductibility of tax preparation fees for both individuals and businesses, factors that affect these fees, and tips for minimizing costs. We’ll also touch on how the Tax Cuts and Jobs Act (TCJA) impacted what you can deduct.