Although you may not like to talk about it, you probably have several professional fees to pay over the course of your business life. Whether it is an attorney to help you to settle various problems or even your tax professional himself, deducting professional fees from your taxable business income is allowable in most cases. Consulting costs usually fall under this area, too.
If these professional fees are in response to a business need only, then they are likely to be deductible. In most cases, you can deduct the full amount that you paid to these professionals in the year that they occurred. But, if the work that they do for you is clearly for future years benefit, then you will need to deduct those costs over the life of the benefit rather than all at one time. Also, business books that help with legal and tax needs can be deducted.
