Skip to main content
March 10, 2023
Question

What is the timeframe for self-employment tax write-offs? Does it go from 1/1/22-12/31/22 or is is 4/15/22-4/15/23?

  • March 10, 2023
  • 2 replies
  • 0 views
For example, can I write my TurboTax fee off (purchased 3/10/23) on my 2022 taxes I'm currently filing or do I have to wait until next year?

2 replies

VolvoGirl
March 10, 2023

It goes by calendar year so Jan-Dec 31.  The fees you pay now in 2023 go on next year's return we file in 2024.

DawnC
March 10, 2023

Every taxpayer (individuals, business entities, etc.) must figure taxable income for an annual accounting period called a tax year.  The calendar year is the most common tax year.   

 

Each taxpayer must use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and the accrual method.

 

Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year in which you pay the expenses.  Your TurboTax fees paid today would be an expense on next year's tax return, which will cover 01/01/2023-12/31/2023.

 

See Pub 538 - This publication explains some of the rules for accounting periods and accounting methods.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"