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Did You Know That Legal Services Can Be Tax Deductible?

November 12, 2017

 

For clients that itemize deductions on IRS Form 1040 – Schedule A, then legal expenses may be used as a deduction on year-end 2017 tax return. Consult your tax professional to see if any of your accounting and legal expenses can qualify you for a 90% tax deduction from the service receipt performed. Make sure to keep records of all receipts for your tax professional.

 

Please note that 90% percent of the invoice is deductible as a miscellaneous expense on Schedule A of your individual tax return (IRS Form 1040 & Hawaii State Form N-11) for Accounting and Legal Expenses, for Trust, Lease, Income Tax and Estate Planning. 

 

 

Please consult with your tax professional 

 

 

IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

 

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