How to Deduct Tax Preparation Fees From Taxes

Did you know that you could deduct the amount you paid your accountant last year in tax preparation fees on your current year's tax returns? the Internal Revenue Service allows taxpayer to deduct the cost to prepare taxes for filing. There are a few things that you should be aware of before you file for the tax preparation deduction. Here's how to go about claiming the tax preparation deduction.

Difficulty: Moderately Challenging

Instructions

1. File an itemized tax return. The only way to take advantage of the tax preparation deduction is to file itemized tax returns. It will take a little longer complete and will involve a little more work but it is worth it in the end.

2. Find your receipt for last year's tax preparation. Look through your files and make sure you've kept the receipt from last year's tax preparation. Whether you hired an accountant or purchased tax preparation software the cost is tax-deductible.

3. Prepare your taxes. Whether you use software, do it yourself or hire an accountant, have your taxes prepared and ready for filing. Make sure that you do include the amount for tax preparation on the appropriate line when preparing the taxes.

4. Submit your taxes to the Internal Revenue Service. Be sure to file your taxes prior to the April 15 tax due date.

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