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Are financial advisor fees tax deductible?

The Tax Cuts and Jobs Act may have cut tax deductions for financial advisor fees, but you can still find handy tax breaks. While financial advisory fees are not currently tax deductible, there are some other ways to get some tax relief from engaging a financial planner and benefiting from their services.

Are investment advisory fees tax deductible?

Prior to 2018, investors could treat advisory fees as an itemized deduction if the fees exceeded 2% of their adjusted gross income (AGI). Unfortunately, you’re no longer able to file investment advisory fees paid from a taxable account as a miscellaneous itemized deduction on Schedule A.

Are advisory fees tax deductible in 2023?

With the 2023 tax season in full swing, this is one question our clients commonly ask. The short answer is no—but you can still tap into tax benefits through the fees. Prior to 2018, investors could treat advisory fees as an itemized deduction if the fees exceeded 2% of their adjusted gross income (AGI).

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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