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Tax.appeal.168
Tax.appeal.168, Accountant
Category: Finance
Satisfied Customers: 3484
Experience:  Tax Accountant
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I am a small business owner and I use PayPal to except

Customer Question

Hello,
I am a small business owner and I use PayPal to except credit card payments. A few times this year I ran my own card through my credit card system so that I could get some cash in my account without taking a cash advance. Since this officially isn't "income" but will be marked as such On my PayPal report at the end of the year. Is there a place where I can put a deduction for this amount?
Submitted: 1 year ago.
Category: Finance
Customer: replied 1 year ago.
Accept. Darn voice texting.
Expert:  Tax.appeal.168 replied 1 year ago.

I am going to assume that you use the Schedule C. If so, you can list the amounts that were swiped on your card under the Other Expense section as a company advance.

Report total amount of gross income (including your card swipes), then deduct your card swipe amounts in the Other Expense section (Part V) of the Schedule C.

Let me know if you require further assistance with this matter.