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For those who are self-employed, there are many deductions available at tax time. For instance, if you have a business credit card, you can claim the fees, including late fees, as a deduction.
As noted by credit card expert Sean Bryant at Credit.com, almost every fee associated with your business credit card can be written off, including annual fees, transaction fees, and even late fees.
While you might not want to accumulate late fees on your credit cards, mistakes happen, and sometimes payments are missed. These fees can be written off during your business tax filing. However, it’s always advisable to contact the company and request a waiver for the fee if possible—saving $35 upfront is often more beneficial than claiming it as a tax deduction.
Of course, it's better to avoid late fees in the first place. But should it happen with your business credit card, you can still write it off. According to this Schedule C guide (PDF) by the National Association for the Self-Employed, you can enter the deduction on line 48 of Schedule C (PDF). For more details on deductions, visit Credit.com’s full post at the link below.
5 Tax-Deductible Business Credit Card Fees
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