As a general rule, legal fees for estate planning are not tax-deductible. In the past, these expenses were eligible for deductions, but this is no longer the case. Estate planning is the process of organizing a person's assets and property for distribution to beneficiaries upon their death. This includes creating legal documents such as trusts and wills, as well as directives such as permanent power of attorney and vital wills.
Even if estate planning costs are not deductible, it is still 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 a small percentage of properties are valued high enough to be subject to inheritance tax when a person dies. Self-employed individuals 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 returns, no matter what your situation is.
If you are concerned about the cost of tax preparation, you may be wondering if you can deduct these expenses from your taxes.
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