Bank Fees Tax Deductions

Business banking fees including account maintenance, wire transfers, merchant processing, and credit card fees are deductible.

bankingmerchant feescredit card feesfinancial

check_circleWhat You Can Deduct

  • checkMonthly account maintenance fees
  • checkWire transfer fees
  • checkMerchant processing fees (Stripe, Square)
  • checkBusiness credit card annual fees
  • checkOverdraft fees (if business-related)
  • checkCheck printing costs
  • checkATM fees for business withdrawals
  • checkCurrency conversion fees

lightbulbTips for Keeping Records

  • tips_and_updatesOnly business account fees are deductible — not personal banking
  • tips_and_updatesCredit card processing fees can be a significant deduction for retailers
  • tips_and_updatesDocument that each fee relates to business banking
  • tips_and_updatesConsider switching banks if fees are excessive — and deduct those too

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