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I have a question about schedule C, Legal and professional

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hello JA: Hi. What is your...
hello
JA: Hi. What is your issue regarding?
Customer: I have a question about schedule C
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Legal and professional fees
JA: Is there anything else the Accountant should be aware of?
Customer: I have software fees for tax preparation. Should that be on line 17 of schedule C?
Submitted: 1 year ago.Category: Tax
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10/21/2016
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
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Hi. My name is ***** ***** I will be happy to help you.

Tax preparation fees are normally deducted on Schedule A. You can allocate a portion of the fees on Schedule C, depending on complexity of your return and Schedule C. If your primary source of income is from your small business, I would allocate between 50 - 75% of the fees to Schedule C and rest to Schedule A. You can deduct it as legal and professional or as tax preparation fees in section V - Other expenses.

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Customer reply replied 1 year ago
This is actually for my homework so I just want to make sure is it on line 17 or other expenses?
Tax Professional: emc011075, Tax adviser replied 1 year ago

It could be both, depending who prepares your tax return, both ways are acceptable.

According to Schedule C instructions, line 17:

Include on this line fees charged by accountants and attorneys that are ordinary and necessary expenses directly related to operating your business. Include fees for tax advice related to your business and for preparation of the tax forms related to your business. Also include expenses incurred in resolving asserted tax deficiencies related to your business.

If it is for homework, go with line 17.

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Tax Professional: emc011075, Tax adviser replied 1 year ago

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