Choose the correct statement:
A)If a taxpayer does a lot of business travel, the taxpayer may deduct the amount paid for an airline club membership.
B)Membership dues to a golf club are deductible as long as there is a business purpose.
C)In order to be deductible, dues and subscriptions must be related to the taxpayer's occupation.
D)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.

Question

Quizplus · Accepted Answer

According to IRS rules, dues and subscriptions can only be deducted if they are related to the taxpayer's occupation or business. Therefore, option A and B are incorrect. Option D is also incorrect as becoming certified may not be mandatory, but it does enhance the financial planner's credentials, and therefore, the CFP dues are deductible.

Choose the Correct Statement