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Are monies paid for pre-paid legal services tax deductible…

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Are monies paid for...

Are monies paid for pre-paid legal services tax deductible to individuals or businesses since they provide consultation or advice?

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Submitted: 7 months ago.Category: Tax
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1/8/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 7 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,311
Experience: Adjunct Professor
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Hey! I'm Carter and I'm a CPA. I can help you with this.

For an individual or a business that uses the cash basis of accounting, then the amounts are deductible when paid. If the business is an accrual method taxpayer, then the amounts are deducted as used.

Hope that helps. If you need anything else, let me know. If not, please leave a rating. Thanks!

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