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ARE FINANCIAL ADVISOR FEES DEDUCTIBLE

ARE FINANCIAL ADVISOR FEES DEDUCTIBLE
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3/26/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,759
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which I will provide to you in the next thread.

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For tax year 2017 you can as a miscellaneous itemized deduction, which is subject to the 2% limit. However, under the next tax bill, from 2018-2025, these fees will no longer be deductible. These fees fall under miscellaneous itemized deductions, which, under the Tax Cuts and Jobs Act (New Tax Bill), have been eliminated from 2018-2025.

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You can read more about miscellaneous itemized deductions at the following link.

https://www.irs.gov/taxtopics/tc508

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Customer reply replied 3 months ago
are dry cleaning and work clothes deductible to a schedule c self-employed person?

Dry cleaning, no, uniforms that can only be worn on the job, yes. A pair of pants and a t-shirt that you can wear elsewhere is not considered a uniform to the IRS and therefore is not deductible as uniform. SEE BELOW:

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You can deduct the cost and upkeep of work clothes and uniforms if you must wear them as a condition of your employment and the clothes are not suitable for everyday wear. The IRS says the clothing must be specifically required by your employer and is not suitable for taking the place of your regular clothing.

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