Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Are taxpayers able to deduct the cost of tax preparation fees on their return? (Assume we're not considering a business expense component) No, there are
Are taxpayers able to deduct the cost of tax preparation fees on their return? (Assume we're not considering a business expense component)
No, there are no longer any 2% of AGI miscellaneous deductions as a consequence of the passage of the TCJA. | |
Yes, as a 2% of AGI miscellaneous deduction on the Schedule A. | |
Taxpayers were never able to do this outside of business expenses connected to economic "Schedule income" activity. | |
On the federal, no. But they are able to be added to the state itemized deductions on Schedule CA |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started