You can claim these expenses as Miscellaneous expenses and describe them as Credit card processing fees.
In TurboTax Self-Employed, go to the summary page of your business and click on Edit next to the name of your business.
Under Business Expenses, click Start or Update next to Other Common Business Expenses.
On the next page, click Start or Update next to Other Miscellaneous Expenses at the bottom of the page.
TurboTax will display a page titled Any Miscellaneous Expenses? where you can enter the description and amount of this expense (see attached screenshot).
You can claim these expenses as Miscellaneous expenses and describe them as Credit card processing fees.
In TurboTax Self-Employed, go to the summary page of your business and click on Edit next to the name of your business.
Under Business Expenses, click Start or Update next to Other Common Business Expenses.
On the next page, click Start or Update next to Other Miscellaneous Expenses at the bottom of the page.
TurboTax will display a page titled Any Miscellaneous Expenses? where you can enter the description and amount of this expense (see attached screenshot).
This should go on line 17 of your form Schedule C "Legal and Professional services".
If you include it on Line 027A "Other Expenses" this is acceptable as well.
Why do people automatically assume your using Turbo Tax Self Employed??
if you have a small business and you are an S-Corp or LLC then i hope your using Turbo Tax business or else you will have to correct and refile, and prob get penalized because of it. Turbo Tax is not real good at telling you that you need the business version if you are S-Corp.
Processing fees can be put under banks and service charges or under misc expense as long as its there somewhere close your fine.
@uckoff wrote:
Why do people automatically assume your using Turbo Tax Self Employed??
Original posts (questions) most often are tagged with the product (sometimes that is in error).