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. :thumbsup

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

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?

But you would actually have it before it is deducted.

I would deduct it

$2 fee keeps adding up

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.

ask your accountant

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

:2 cents:

I was told I could deduct wire transfers.

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.

Of course, its just like a bank fee.
WG

It is a cost of doing business. So yes.

come on, of course it is...