Tax Deductions You Might Be Getting Wrong

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tax deductions 2020

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Deducting tax service fees

Did you pay a CPA $600 to do your taxes last year? Unfortunately, you can no longer deduct that under new rules. The IRS calls this a “miscellaneous itemized deduction” and no longer allows for it. This extends to paying for online tax preparation services, like TurboTax. Perhaps in the past you didn’t negotiate much with a CPA or compare prices, thinking, “I’ll just write it off.” Moving forward, you might want to put more thought into how much you pay someone to prepare your taxes. Maybe you want to finally learn how to use self-filing websites to save money, because you cannot write off this expense any longer.

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