Deduct credit card convenience fee for Sch C busin...
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Deduct credit card convenience fee for Sch C business?

The credit card convenience fee is supposedly deductable only for businesses.  Does that mean only businesses that file separately?  I have a business that I report on Schedule C of my personal return, and I paid credit card fees on my quarterly estimated taxes.  Are those fees deductable?

3 Replies
Highlighted
Expert Alumni

Deduct credit card convenience fee for Sch C business?

No, the Estimated Tax payments you are making are for your personal return and therefore not a business expense.

 

For you to deduct the convenience fee you would have to pay something directly for your business, when it comes to paying your Estimated Payments that is not directly a business expense.

 

Taking Business Tax Deductions

 

@markdu5

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Highlighted
Level 1

Deduct credit card convenience fee for Sch C business?

My apologies for asking the same question twice.  I couldn't find the question again the first time, and I even seem to have 2 different profiles now.  My question is here

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/deduct-credit-card-convenience-f...

and here

https://ttlc.intuit.com/community/business-taxes/discussion/re-if-my-business-goes-on-a-schedule-c-o...

and I got two opposite answers.  I'm not sure how to proceed.

Highlighted
Expert Alumni

Deduct credit card convenience fee for Sch C business?

Yes you did receive two contradictory answers.  Diane is correct in stating that you can only deduct fees that are used for business transactions. You cannot deduct the convenience fees used to pay estimated taxes. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
v
Privacy Settings