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anonymous
Feb 8, 2009 - 7:49AM
financial management fees

Can I deduct financial managment fees and fees paid to a CPA to complete my 2007 taxes? I have both w-2 and 1099 income. Thanks

a
Andrew Schwartz CPA
Feb 8, 2009 - 6:16PM
Re: financial management fees

Generally, you'll deduct your financial management fees and your tax prep fees as a miscellaneous itemized deduction on the Schedule A. These deductions are only deductible to the extent they exceed 2% of your Adjusted Gross Income, and then are capped by the Alternative Minimum Tax.

If you have 1099 income, you can argue that most of the tax prep fee belongs on the Schedule C, and will be deducted directly against your independent contractor income. I don't ever remember seeing financial management fees reported on the Schedule C.

Zip Code: 01801

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