Are the Coaching Fees tax-deductible?
IRS Code Section 212 states that investment advisory and financial planning fees incurred may be deductible as miscellaneous itemized expenses to the extent that they exceed 2% of your adjusted gross income. Other miscellaneous itemized deductions, which fall into the same category, are fees paid for a safe deposit box, estate planning fees, tax preparation fees, attorney and legal fees, and more. So the short answer is fees paid for our services may be deductible; we encourage our clients to ask their accountant or CPA about the deductibility of fees.
