Where do I deduct Etsy Transaction fees and Listing Fees on the business expenses sheet? I believe those are 100% deductible but when I enter them as misc. expenses it does not deduct the full amount from my taxes owed. Help?
Yes, these are miscellaneous expenses. There should be no reduction in amounts. Try placing it under another category such as supplies and see if you get the same result.
Thank you for replying!
Ok, so why would it not show a reduction in the amount of taxes owed if those expenses are 100% deductible?
I have no idea. That is what I am saying. The expense should not be reduced. Did you click the box that said all the investment is at risk? You can't take a loss if you did not check that box.
Placing it under supplies also only deducts a portion of that expense. My Etsy fees are significant...around $1400. Where do I put that expense so that it is 100% deductible? Or should I just subtract those fees from my Etsy Income and not worry about listing it as an expense?
Did you look at the at-risk box? Do not just deduct them from the Etsy income. You need to report your total income and then take deductions.
You may need to go through Review to find it again. See this post.