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Friday, February 18, 2011

[Individual]Financial Counseling Fees (Feb-18-2011, 60 days left)

Usually financial counseling fees paid by your employer are included in your income. It includes tax preparation, accounting, legal or brokerage services.

Some of fees, like tax or investment counseling, can be deducted on schedule A as a miscellaneous deduction (subject to the 2%-of-AGI limit)

Exception: Qualified retirement planning services paid by your employer may be excluded from your income. It includes retirement planning advice, information about your retirement plan, and information about how the plan may fit into your overall individual retirement income plan.

PSQ

Source: http://www.irs.gov

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