If a financial planner becomes certified, then he/she may not deduct the Certified Financial Planner (CFP) dues because it is not necessary to be certified in order to engage in the business of being a financial planner. True or false=?

Question

Annika

Business

11 May, 00:39

If a financial planner becomes certified, then he/she may not deduct the Certified Financial Planner (CFP) dues because it is not necessary to be certified in order to engage in the business of being a financial planner. True or false=?

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Answers (2)

Know the Answer?

Ashlynn Zamora · Answer 1

False

Explanation:

This annual fee is for certification renewal and it is non refundable since you have been certified which gives you the authority to use the CFP marks.

Javon Orr · Answer 2

Answer: False

Explanation: Any normal and reasonable expense that you incur to run a financial services practice can be deductible under the tax law. For example, rent, salaries, and license fees are all deductible as ordinary business expenses.