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Tax Deductions
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Re: Financial Planning Deduction?

Hi,

Yes, technically the financial planner is correct that you can claim his fee on your tax return. The problem is that you will generally claim it with your other miscellaneous itemized deductions which are only deductible to the extent they exceed 2% of your income, and then don't save you any taxes if you are in the AMT.

Most middle-income and high-income taxpayers, therefore, don't save any taxes from the fees they pay to their financial advisors.

Zip Code: 01801

Re: Financial Planning Deduction?

Thank you for the reply. I forgot to mention one particular that may (or may not) be relevant. I am self-employed as an independent contractor. Can I count the financial planning fee as a schedule "C" deduction?
Thank you.