Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Is the cost of a tax preparer deductible (on my 2021 tax return)? I.e., next year?

Generally, no. If your return includes a business, you can deduct the cost of preparing the part of your 2020 tax return (in 2021) related directly to that business (for example, the cost to prepare the Schedule C) as a 2021 expense. But the ability for most people to deduct the cost of preparing a tax return went out with the changes to the deductions rules that were implemented in the TCJA. That said, if the current law doesn't change, the previous deductibility rules will come back in 2026, so you could potentially deduct the cost of preparing your 2025 personal tax return.

AJ
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.