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Barbara Lamar
Barbara Lamar, Tax Lawyer, CPA
Category: Tax
Satisfied Customers: 188
Experience:  JD, MBA University of Texas at Austin, over 18 years representing small businesses
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monthly bank charges

Customer Question

Are monthly service charges on my bank account tax deductible?
Submitted: 11 years ago.
Category: Tax
Expert:  Sandi Hargrove, SkyHawks replied 11 years ago.
 Charges for your business account are deductible from your business income.  Charges for your personal account are not deductible.
Expert:  Barbara Lamar replied 11 years ago.
If the account is for your trade or business the service charges are deductible as a business expense.

In limited cases, service charges on a bank account associated with investments can be itemized deductions.
Barbara Lamar, Tax Lawyer, CPA
Category: Tax
Satisfied Customers: 188
Experience: JD, MBA University of Texas at Austin, over 18 years representing small businesses
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