I do my own taxes and want to know if there is a tax preparation deduction . Am I able to deduct tax software that I purchase to complete my tax returns?
You may be able to deduct tax software. Tax preparation software is a miscellaneous itemized deduction. To take the tax preparation deduction, both of these must apply:
- You itemize your deductions.
- Your deductions total more than 2% of your adjusted gross income (AGI).
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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.