Epass bank withdraw/p2p fees tax deductable? - GoFuckYourself.com

MrPinks · 02-20-2007, 12:40 PM

Does anyone know if the bank withdraw fees and p2p transfer fees are tax deductable? Any help is appreciated.

polish_aristocrat · 02-20-2007, 12:41 PM

not sure but 37% of webmasters using epassporte do it for "tax optimization" purposes

tony286 · 02-20-2007, 12:43 PM

I would talk your accountant I had asked mine about the percentage you pay to the processor.He said since you never actually had it ,you cant deduct it.

NinjaSteve · 02-20-2007, 12:45 PM

Quote:

Originally Posted by tony404

I would talk your accountant I had asked mine about the percentage you pay to the processor.He said since you never actually had it ,you cant deduct it.

So if you pay $10,000 to a processor... he told you that it's not a tax deductible expense? But you don't claim that amount because you've never had it?

MrPinks · 02-20-2007, 12:50 PM

Quote:

Originally Posted by tony404

I would talk your accountant I had asked mine about the percentage you pay to the processor.He said since you never actually had it ,you cant deduct it.

But you would actually have it before it is deducted.

FreeHugeMovies · 02-20-2007, 12:53 PM

I would deduct it

MrPinks · 02-20-2007, 12:54 PM

Quote:

Originally Posted by FreeHugeMovies

I would deduct it

$2 fee keeps adding up

Sosa · 02-20-2007, 12:55 PM

From what I understood just like the ccbill fees every month, since you don't actual take control of that money in your account etc, and then pay the fee you cannot write it off.

Forest · 02-20-2007, 12:59 PM

ask your accountant

I did and mine are deductable b ut I wouldnt look for financial advise on this board

uno · 02-20-2007, 03:02 PM

I was told I could deduct wire transfers.

Snake Doctor · 02-20-2007, 03:49 PM

Quote:

Originally Posted by tony404

I would talk your accountant I had asked mine about the percentage you pay to the processor.He said since you never actually had it ,you cant deduct it.

Haha, well that makes perfect sense actually. You're just reporting your net from the processor. If you reported the gross then you could deduct the fees, but your tax liability at the end of the year would be exactly the same.

Mr Pinks, all banking fees that are business related are tax deductible, including the load fees etc. You really should have an accountant though, a good one will pay for themselves 10 times over.

WiredGuy · 02-20-2007, 03:50 PM

Of course, its just like a bank fee.
WG

pornguy · 02-20-2007, 03:53 PM

It is a cost of doing business. So yes.

woj · 02-20-2007, 05:24 PM

come on, of course it is...

02-20-2007, 12:40 PM	#1
MrPinks Registered User Join Date: Oct 2003 Location: FL Posts: 1,767	Epass bank withdraw/p2p fees tax deductable? Does anyone know if the bank withdraw fees and p2p transfer fees are tax deductable? Any help is appreciated.

02-20-2007, 12:41 PM	#2
polish_aristocrat Too lazy to set a custom title Join Date: Jul 2002 Posts: 40,377	not sure but 37% of webmasters using epassporte do it for "tax optimization" purposes __________________ I don't use ICQ anymore.

02-20-2007, 03:02 PM	#10
uno RIP Dodger. BEST.CAT.EVER Industry Role: Join Date: Dec 2002 Location: NYC Area Posts: 18,450	I was told I could deduct wire transfers. __________________ -uno icq: 111-914 CrazyBabe.com - porn art MojoHost - For all your hosting needs, present and future. Tell them I sent ya!

02-20-2007, 03:50 PM	#12
WiredGuy Pounding Googlebot Industry Role: Join Date: Aug 2002 Location: Canada Posts: 34,487	Of course, its just like a bank fee. WG __________________ I play with Google.

02-20-2007, 03:53 PM	#13
pornguy Too lazy to set a custom title Industry Role: Join Date: Mar 2003 Location: Homeless Posts: 62,911	It is a cost of doing business. So yes. __________________ PornGuy skype me pornguy_epic AmateurDough The Hottes Shemales online! TChicks.com \| Angeles Cid \| Mariana Cordoba \| MAILERS WELCOME!

02-20-2007, 12:43 PM	#3
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	I would talk your accountant I had asked mine about the percentage you pay to the processor.He said since you never actually had it ,you cant deduct it.

02-20-2007, 12:53 PM	#6
FreeHugeMovies Too lazy to set a custom title Join Date: Dec 2001 Location: Charlotte, NC Posts: 14,137	I would deduct it

02-20-2007, 12:55 PM	#8
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	From what I understood just like the ccbill fees every month, since you don't actual take control of that money in your account etc, and then pay the fee you cannot write it off.

02-20-2007, 12:59 PM	#9
Forest Confirmed User Industry Role: Join Date: Aug 2001 Location: Hollywood Fl. Posts: 9,005	ask your accountant I did and mine are deductable b ut I wouldnt look for financial advise on this board

02-20-2007, 05:24 PM	#14
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	come on, of course it is... __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager