Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

The Square is a fairly new way to take credit cards over the

phone. They deduct their fees...
The Square is a fairly new way to take credit cards over the phone. They deduct their fees before depositing the amount of purchase into my bank account. I say these fees are deductible the same way a bank merchant account is a deductible business expense and claim the entire sale as income, but an acquaintance says these fees are not deductible and I should only claim the income deposited in my account, minus fees.
Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
9/5/2013
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
Verified

Arthur Rubin :

Thank you for using Just Answer.

Arthur Rubin :

I agree with you; as the fees are associated with the individual transactions, they are deductible. If in a "hobby", the question of whether they should be netted or deducted separately is relevant.

Customer:

So, it doesn't matter if the fees are deducted before deposit or if they are charged through a bank? Processing fees are processing fees.

Arthur Rubin :

Sorry, let me rephrase. In the case of a business, it almost always doesn't matter whether you report the gross income, and deduct the fees, or whether you report the net income.

Customer:

Thanks!

Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
Verified
Arthur Rubin and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Arthur Rubin Your Own Question
Arthur Rubin
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
1,561 Satisfied Customers
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.

Arthur Rubin is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
We are being audited for 2014. I paid a credited card from
We are being audited for 2014. I paid a credited card from out daycare which which is considered schedule C for rental property officer remodeled and repairs schedule E. Since the IRS has that year op… read more
abci168
abci168
Principal
27 satisfied customers
You may recall that tax deductions are only deductible by
You may recall that tax deductions are only deductible by the legislative grace of Congress. After this lesson, you might have realized that Congress was pretty generous with the types of business exp… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I am trying to figure out the net income from the following
Hi. I am trying to figure out the net income from the following part-time jobs in MARYLAND and then the total net income. If possible, will you please send me how you arrived at the figures (the calcu… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife died leaving a credit card debt. Can they put a lien
My wife died leaving a credit card debt. Can they put a lien on our home … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If you take a personal loan to pay off credit card debt,
If you take a personal loan to pay off credit card debt, will that be considered taxable income by the IRS? The debt has not been negotiated down and the loan will be paid back over 5 years.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
If someone who is self -employed makes $100,000 net income
if someone who is self -employed makes $100,000 net income in NYC how much % age approximately goes in taxes ? ( including nys and nyc taxes)… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I had a settlement agreement with a credit card company and
I had a settlement agreement with a credit card company and the last payment was made on Nov 2, 2016. The agreement indicated that after the last payment the remaining balance would be forgiven. I exp… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
In 2015 and 2016 my C corp had about the same gross income
In 2015 and 2016 my C corp had about the same gross income of 300k, same salaries of about 70k but net profit was different in 2015 (43k) from 2016 which was about 9k. Expenses in 2015 were about abou… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I'm applying for the Chase Sapphire Reserve credit card.
Hello! I'm applying for the Chase Sapphire Reserve credit card. When applying online it asks me if I rent or own my house and how much do I pay monthly. I currently live with my boyfriend and we share… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
56 satisfied customers
Since my adjusted gross income is over $100,000, I can't
Since my adjusted gross income is over $100,000, I can't take the rental loss that I have even though I was actively maintaining the property. Since I have a mortgage and property taxes on that rental… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
If I live overseas and earn, say, 130K gross income, can I
Hello, If I live overseas and earn, say, 130K gross income, can I exclude the first 100K (or whatever the exclusion amount), and then for the remaining 30K, I deduct the foreign taxes for that 30K? An… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
285 satisfied customers
Can you tell me if my Net Income is $50,000 and I live in
Can you tell me if my Net Income is $50,000 and I live in the state of Illinois what my federal and state taxes would be approximately thank you… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
Where do I deduct retirement income from gross income in PA,
Where do I deduct retirement income from gross income in PA … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
A 75 year old self employed taxpayer has Net Income Schedule
A 75 year old self employed taxpayer has Net Income Schedule C income of 25,039 for 2016. She makes a deductible SEP contribution for 2016. She would also like to make a Roth-IRA contribution for 2016… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Dependent Children. 1. Taxpayer's adjusted gross income is
Dependent Children.1. Taxpayer's adjusted gross income is over $ 800K so personal exemptions are phased out. 2. Taxpayer's children are between ages 12 - 17. 3. All three children have earned income o… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
A PERSON HAS A NET INCOME FROM SELF EMPLOYMENT OF $16,000
A PERSON HAS A NET INCOME FROM SELF EMPLOYMENT OF $16,000 BUT TAXABLE INCOME OF $0, CAN HE STILL CLAIM EIC HE IS MARRIED AND HAS AN 8 YEAR OLD DEPENDENT.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My husband's gross income is $132,781 a year. His gross pay
my husband's gross income is $132,781 a year. His gross pay is 1072.76 a week. If he were to claim no deductable, what would his gross pay a week be. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Our Gross Income is $37.800 and our total Medical is
Our Gross Income is $37.800 and our total Medical is $10.240. Can I claim it? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x