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If you can show me what publication specifies it that would be great. Thanks

2007-03-22 04:31:54 · 3 answers · asked by drummerbrad05 1 in Business & Finance Taxes United States

3 answers

It is an ordinary business expense reported as "Other Deductions" - Bank Charges.

Bank Charges include the following: check order fees, returned check fees,
wire (transaction) fees and monthly maintenance fees. You do not separate
the different types of bank fees on your tax return. They are considered to be bank charges.

You probably can justify this by checking the instructions for Schedule C, Other Deductions, or, Form 1120/1120S, Other Deductions.

2007-03-22 04:49:16 · answer #1 · answered by bold4bs 4 · 0 0

Yes, that's a legitimate business expense.

Any reasonable and necessary costs incurred in the generation of business income are legitimate business expenses. You may not find an entry in a publication that specifically addresses the fee your bank charges for ordering checks but that is clearly a reasonable and necessary expense to your business. Just google "bank fees" on the IRS website and you'll get dozens of hits.

2007-03-22 05:18:52 · answer #2 · answered by Bostonian In MO 7 · 0 0

yes, its a business expense.

If you dont understand why its obviously tax deductable, you should probably hire someone to give you some tax advice.

Not trying to insult you, just saying.

2007-03-22 04:36:16 · answer #3 · answered by Anonymous · 2 0

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