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  2. Are Legal Fees Tax-Deductible? - AOL

    www.aol.com/finance/legal-fees-pay-tax...

    Many individuals and businesses wonder whether these expenses can be deducted from their tax returns. While personal legal fees are generally not tax deductible, legal fees related to business ...

  3. Taxation of illegal income in the United States - Wikipedia

    en.wikipedia.org/wiki/Taxation_of_illegal_income...

    A person with income from selling a Schedule I substance is allowed to take a tax deduction for the cost of goods sold but not any other tax deductions. [19] [21] Unlike for other business activities, tax deductions are not allowed for ordinary and necessary business expenses such as rent, utilities, and advertising. [22]

  4. Internal Revenue Code section 162 (a) - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1] If an expense is not deductible, then Congress considers the cost to be a consumption expense. Section 162(a) requires six different elements in order to claim a deduction.

  5. Internal Revenue Code section 212 - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    Internal Revenue Code § 212 (26 U.S.C. § 212) provides a deduction, for U.S. federal income tax purposes, for expenses incurred in investment activities. Taxpayers are allowed to deduct all the ordinary and necessary expenses paid or incurred during the taxable year-- (1) for the production or collection of income;

  6. Can You Deduct Tax Preparation Fees? - AOL

    www.aol.com/finance/deduct-tax-preparation-fees...

    As the 2022 tax filing season gets underway, there are some looming questions about tax laws and returns on the horizon. See: 30 Ways To Make Tax Season Less ScaryFind: 6 Types of Retirement Income...

  7. Are financial advisor fees tax deductible? - AOL

    www.aol.com/finance/financial-advisor-fees-tax...

    Fees paid for legal counsel and tax advice. ... However, the financial advisor tax deduction may not be gone forever. Changes enacted under the TCJA are slated to expire in 2025, potentially ...

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