Tax Preparation
Complete 2026 tax preparation guide covering free filing options, deductibility rules, and key deadlines. IRS.com is not affiliated with IRS.gov.
Guides
All 2Latest guide
How IRS Exchange Rates Work When Converting Foreign Currencies to US Tax Dollars
Taxpayers who earn income in a foreign country or financial assets in foreign currencies must report their earnings and assets in US dollars on their tax returns. The IRS exchange rates are used to de…
Common questions
Short answers about tax preparation. For anything specific to your return, check IRS.gov or ask a tax professional.
No. According to IRS Publication 529, tax preparation fees are classified as miscellaneous itemized deductions and can no longer be deducted for individual taxpayers. This includes the cost of tax software, tax publications, and fees for electronic filing or professional preparation.