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March 6, 2022
Question

Is Turbotax payment tax deductible?

  • March 6, 2022
  • 1 reply
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    1 reply

    March 7, 2022

    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.