How do I deduct are stripe fees tax deductible on my taxes?

Business Expensesfreelancerse-commerceconsultantssmall business ownerstax

Stripe fees can be deducted as a business expense under the category of 'bank fees' or 'merchant fees.' These fees are considered ordinary and necessary expenses for businesses that accept credit card payments. To qualify for deduction, the fees must be directly related to the business's income-generating activities. For example, if a freelance graphic designer uses Stripe to process payments from clients, the fees charged by Stripe are deductible. However, if Stripe is used for personal transactions, those fees are not deductible. It's important to ensure that the fees are not reimbursed by clients or otherwise compensated, as this would negate the deduction.

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