As a general rule, legal fees for estate planning are not tax-deductible. Estate planning expenses were tax-deductible, but are no longer tax-deductible. First, estate planning is the general term that encompasses the organization of a person's assets and property for distribution to beneficiaries in the event of death. It includes the creation of legal documents, such as trusts and wills, as well as the creation of directives such as a permanent power of attorney and vital wills.
Even if your company's tax preparation costs may not be fully deductible, it's important to work with a professional CPA to prepare your tax returns. While everyone is required to file a tax return with the IRS each year, only between 0.1% and 0.2% of properties are valued high enough to be subject to inheritance tax when a person dies. On the other hand, self-employed people can deduct the cost of tax preparation fees, including tax software or working with a professional. With TurboTax, you can be sure that your taxes are done correctly, from simple to complex tax returns, no matter what your situation is.
If the cost of tax preparation is a concern, you may be wondering if you can deduct the costs of preparing returns from taxes.