Yes, this qualifies as a deduction. It is similar to fees that banks charge to process credit card payments. You can call it bank charges, payment processing fees, or any other reasonable description.
To enter this expense:
- Log into your TurboTax return:
- Click on Federal
- Click on Income and Expenses
- Click the button beside your Self-Employment Info
- Under your income are the expenses. If you need other categories click on “Add expenses for this work”
- Scroll to Less common expenses and click on the drop down
- Scroll all the way to the bottom of the screen and click on "Other miscellaneous expenses"
- Click Continue
- Enter a description and the amount you were charged. (See the screenshot below)
- Click Continue - this will bring you back to your (name of business) info
Please click here for further information.
