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Question
Can a business owner write off the cost of therapy if they talk about work in therapy?
AI accountant’s answer:
While therapy can be a crucial part of maintaining your mental health, especially as a business owner, it's generally not considered a deductible business expense. The IRS typically views therapy as a personal, not business, expense. However, if you're self-employed, you may be able to deduct therapy costs as a medical expense if you itemize deductions and your total medical expenses exceed 7.5% of your adjusted gross income. But remember, this is a personal deduction, not a business one.
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