Deducting DMM services

[Anonymous]

Under the old system there was a discussion about whether or not our clients could deduct Daily Money Manager Services. Unfortunately, I can’t find that old thread.
I seem to remember that they could if it directly related to tax preparation.
Does anyone have any “language” that supports that which I could provide to the accountant?
If I keep track of all income and expenses for a client, how do I determine the $ amount the client can deduct for
my services?

Thanks for your help.
Julianne Miller
Life Money Management LLC

[Anonymous]

We track our time separately for tasks that are clearly related to tax preparation (reviewing the documents, filling out the organizer, making the list of deductible expenses, calls and emails with the accountant, etc.) Then we determine how much the client paid us for those hours and provide that information to the accountant and s/he can decide whether or not to deduct it.

Leah Nichaman
Everyday Money Management

[Anonymous]

Now I remember. Thank you
Julianne

[Author]

Posts