Question

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=?

Answer 1

Answer:

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.

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.