Business Interest & Bank Fees

It is always advisable to open a separate business account with a bank or credit card company. The fees for annual or monthly service charges, transfers, and overdrafts on your business accounts are deductible.

Interest on business loans and credit cards that are used to fund business activities are tax deductible.

Additionally, you can deduct third-party merchant or transaction fees paid to vendors like PayPal or Stripe.

Visit the IRS website for more information: