SCHEDULE A MISCELLANOUS DEDUCTIONS
Tax preparation fees, which fall under miscellaneous fees on Schedule A of Form 1040 (also subject to the 2% floor), have been eliminated for tax years 2018 through 2025.
Tax preparation fees include payments to accountants, tax preparation firms, as well as the cost of tax preparation software.
The Tax Cuts and Jobs Act eliminated the deduction for investment expenses,
starting in 2018.
Fees for investment costs were deductible
as a miscellaneous itemized deduction, to the extent they and other
costs exceeded 2 percent of your adjusted gross income.
For
tax years starting in 2018 and expiring at the end of 2025, miscellaneous unreimbursed
job-related expenses that exceed 2% of adjusted gross income (AGI) are no
longer deductible on Schedule A (Form 1040).
Examples of unreimbursed job-related expenses include union dues, continuing education,
employer-required medical tests, regulatory and license fees (provided the
employee was not reimbursed), and out-of-pocket expenses paid by an employee
for uniforms, tools, and supplies.
Tax preparation fees, which fall under miscellaneous fees on Schedule A of Form 1040(also subject to the 2% floor), have been eliminated for tax years 2018 through 2025.
Call us now at 215.550.3636, Monday through Sunday, should you find yourself in a scramble to figure out what is and what is not tax deductible under miscellaneous fees on schedule a.
Your Tax Pro on Demand,
R Clyde Olivieri, Jr.
