Can i expense credit monitoring fees for business?
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Can i expense credit monitoring fees for business?

I incurred credit monitoring fees to improve my position to acquire a business loan for my business.

1 Reply
Level 5

Can i expense credit monitoring fees for business?

Yes, since it's an "ordinary and necessary" business expense for your business.  It must be for the business itself and not personal credit monitoring, as I'm sure you know.

In the TurboTax Home & Business software:

  • Business Tab
  • Continue or I'll Choose What I Work On (if they show up)
  • Business Income and Expenses
  • select Edit next to your business (if it is there)
  • scroll to Business Expenses
  • then, Other Common Business Expenses
  • select to Update (or Revisit)
  • then, Other Miscellaneous Expenses to enter it in with a description
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