It is illegal to prepay the next year's professional association dues and take the deduction during the current year.

Question

Quizplus · Accepted Answer

According to tax regulations, if you pay an expense in advance, you can only deduct the amount that applies to your use of the item or service within the tax year. However, for many professional association dues, if the benefit period does not extend beyond 12 months and ends in the next tax year, you can deduct the full amount in the year you pay it. This is considered a prepaid expense that is deductible when paid if it meets the IRS criteria for prepayment.

It Is Illegal to Prepay the Next Year's Professional Association