I make use of the instant payoff quick a bit and it adds up. Are these tax deductible?! Would hate to pay a tax on these stupid fees!
Are instant payout fees tax deductible?
itendstonight
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I make use of the instant payoff quick a bit and it adds up. Are these tax deductible?! Would hate to pay a tax on these stupid fees!
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3,134 Posts
Yes the .50 charged on their end is a business expense and deductible. As a general rule, remember that bank fees from personal bank accounts are not deductible, fees from business accounts are deductible.
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Do you have to have a dedicated business account? What if your Uber earnings are deposited into your personal bank account?
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3,134 Posts
It is still a business expense whichever account the deposit is made to.
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Here is a situation I get into a lot. I live close to work. So I put a destination filter. I turn the app on at work and turn off at home. UBER records it as on app. I half the time I get a min or a little longer ride. Other half, no ride. But app was on and I was ready to accept a destination ride if offered. Can I deduct those miles? How do I record it? Date, start/end odometer and state no ride was offered?
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You can deduct 52 cents a mile
a mile
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1,601 Posts
Get Uber's driver debit card. There is no fee for the card at all. You get up to 5 instant payouts a day for no charge.
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1,318 Posts
Fees from personal accounts from business purposes are deductible. You are not required to have a business bank account. The fees for the transfer are fees paid and recorded through Uber. They are verified business expenses.
You can also make free cash deposits at Wal-Mart to the card.
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