Have you joined the The Frugal Navy Wife on Facebook? Join over 19,000 others, make friends and share deals you find!
Sharon over at Mom on Dealz has graciously shared her series Ask an Accountant with The Frugal Navy Wife. Sharon is married to an experienced accountant and while it is not tax season we always have questions. If you have a question email Sharon at email@example.com with the subject line “Ask an Accountant”
I am a blogger who has recently set my site up to be a “business”. This required seeking advice from lawyers and an accountant. Can I deduct the fees I was charged for this advice?
Yes. This would fall under legal and professional fees. As long as your meetings were business related, they are considered ordinary and neccessary business expenses. However, there are certain legal expenses that are considered “start up costs”. The cost of getting started before operations have begun are considered capital costs and are recovered over time. Since many bloggers start their sites before “becoming a business”, this usually doesn’t apply.
*Please keep in mind this post is for informational purposes only and answers given are very general. Do not rely on this column for definite tax answers as many things depend on individual circumstances. Please contact your personal accountant or financial advisor for your particular situation.