Just a heads-up and/or reminder, because scumbag businesses (primarily private "local" ones, and ALL Of them – NO exceptions in this Communist stronghold area) are charging a 4% credit card "processing" fee to CONSUMERS when it is a BUSINESS expense/Tax WRITE-OFF. Am trying to tell a Senior not to deal with a certain "businessman" any more (who tends to be VERY expensive anyway), but they (inluding another relative who also "likes" him and uses him) won't listen. I called the guy out, but three relatives took his side:
intuit turbotax TurboTax Self Employed Online
Where do you write off credit card processing fees for a business? Do I just subtract it off my sales income?
You can claim these expenses as Miscellaneous expenses and describe them as Credit card processing fees. In TurboTax Self-Employed, go to the summary page of your business and click on Edit next to the name of your business.
Under Business Expenses, click Start or Update next to Other Common Business Expenses. On the next page, click Start or Update next to Other Miscellaneous Expenses at the bottom of the page. TurboTax will display a page titled Any Miscellaneous Expenses? where you can enter the description and amount of this expense.
This should go on line 17 of your form Schedule C "Legal and Professional services". If you include it on Line 027A "Other Expenses" this is acceptable as well. April 7, 2020 3:42 PM https://archive.is/b1FC4 https://ttlc.intuit.com/community/taxes/discussion/where-do-you-write-off-credit-card-processing-fees-for-a-business-do-i-just-subtract-it-off-my-sales/00/80639
Maximizing your Tax Deductions as a Business Owner The best part about deducting credit card fees as a business owner is there is really no stipulation on how big your business has to be. In fact, if you use a personal credit card and incur expenses, you can deduct them (as long as they are business related). That's great news for even those who have a side business. (Won’t archive for some reason) https://finance.yahoo.com/news/business-credit-card-fees-tax-110000283.html?fr=sycsrp_catchall
Are Processing Fees Tax-Deductible? The IRS recognizes merchant fees (commonly referred to as credit card fees) as an essential operating cost. So, that means that, yes, businesses can claim the merchant processing fees they accrued in 2024 as a tax-deductible expense. https://archive.is/gv67A https://www.evolvepayment.com/blog/are-merchant-processing-fees-tax-deductible/
Electronic payment methods have gained significant traction, with the value of digital payments projected to reach nearly $9.5 trillion in 2023. And according to PwC, the volume of cashless payments is expected to increase by more than 80% from 2020 to 2025. As more businesses expand their ecommerce footprint and accept higher volumes of digital payments, understanding the tax implications of payment processing fees is important for maximizing deductions and reducing overall tax liability.
Are payment processing fees tax-deductible? Payment processing fees are generally considered to be a necessary business expense and are tax-deductible in many jurisdictions, including the United States. This includes fees for credit card transactions, online payment platforms, and even bank fees related to business transactions. IPayment processing fees are deductible because they are considered to be a necessary cost of doing business. These fees would typically fall under the category of “bank fees” or similar on Schedule C (Form 1040), Profit or Loss from Business for sole proprietors or the corresponding part of the tax return for corporations, partnerships, or other business entities. https://archive.is/PRxCM https://stripe.com/resources/more/are-payment-processing-fees-tax-deductible