Can you write off are tax preparation fees deductible?
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For individuals, tax preparation fees were deductible as a miscellaneous itemized deduction subject to the 2% AGI floor under the old tax law. However, the Tax Cuts and Jobs Act of 2017 suspended this deduction for tax years 2018 through 2025. For businesses, including freelancers and independent contractors, tax preparation fees can be deducted if they are directly related to the business. This includes fees for preparing the business portion of your tax return, such as Schedule C for sole proprietors or Schedule E for rental properties. It's important to allocate the fees between personal and business services if both are provided.