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Can I Deduct Crypto Tax Software from my Taxes?

Zac McClure
ByZac McClure, MBAUpdated on June 24, 2023 · minute read

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  • Unless you are self employed, you cannot deduct tax preparation expenses from your taxes.

Until 2018, when Donald Trump’s Tax Cuts and Jobs Act (TCJA) went into effect, all taxpayers could deduct tax preparation fees from their taxes if they used itemized deductions. However, the TCJA eliminated this deduction for most people. 

Today, you can only deduct tax preparation fees if you are self-employed. The TCJA ends in 2025, although it could be renewed. You are considered self-employed if you’re a contractor, freelancer, or small business owner.

If you are self-employed, you can deduct the following crypto tax preparation expenses:

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Zac McClure
Zac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.

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