Can I deduct legal and professional expenses?
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Legal and professional fees are deductible if they are incurred in the course of operating your business. This includes fees paid to attorneys, accountants, and consultants for services that are directly related to your business operations. However, personal legal expenses, such as fees for personal tax advice or legal fees related to personal matters, are not deductible. For example, fees related to defending a business in a lawsuit or for drafting contracts are deductible, whereas fees for personal divorce proceedings are not.