Tag Archives: Deductibles

Credit and Debit Card Fees Related to Tax Payment are Deductible

IR-2009-37, April 7, 2009 WASHINGTON — Credit or debit card convenience fees charged for paying federal individual income taxes electronically are deductible for some taxpayers who itemize, the Internal Revenue Service announced today. Federal law bars the IRS from paying any fees associated with these credit or debit transactions. Card processors normally charge taxpayers for […]

Sort of Day Trading

Today TaxMama hears from Marty in Colorado, with this question. “Assuming I have a sole proprietorship whereby some of the business is trading stocks (such as day trading), can I properly deduct the cost of software that assists me in doing this trading?” Hi Marty, Hmmm…you can’t have a business where ‘part’ of your business […]