Saving money on taxes is a priority for many investors. In this article, we'll discuss a tax deduction for financial advisor fees you may not be aware of. Financial advisors are compensated in several ways, and it's important to know how yours is paid.
The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the deductibility of financial advisor fees for tax years 2018 through 2025. The IRS allows you to get to know the most common investment, stock trading, and brokerage fees. Learn where to find them and how to lower costs.
Reducing your taxable income means you will have a smaller tax bill at the end of the year. This article examines when clients can get a tax break on investment fees. While it generally makes sense to take fees from traditional IRAs, some investors might, in fact, be better off taking all fees from taxable accounts.