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CountryRoads 08:29 AM 01-14-2019
I'm probably going to look stupid, but I've never dealt with this before!

I am doing tax receipts for my families, are late payment fees tax deductible? Do I include late payment fees in their total amount paid? Also, do I need to include late payment fees as a part of my income?

Thanks in advance!
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Cat Herder 08:59 AM 01-14-2019
My understanding is that the answer to all three questions is yes.
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Blackcat31 09:00 AM 01-14-2019
Originally Posted by CountryRoads:
I'm probably going to look stupid, but I've never dealt with this before!

I am doing tax receipts for my families, are late payment fees tax deductible? Do I include late payment fees in their total amount paid? Also, do I need to include late payment fees as a part of my income?

Thanks in advance!
I believe the answer is yes to all.

ALL income you get (including gift cards and/or bonuses from parents....) is considered income.

Tom Copeland had many articles about this. I am sure he has an article with all the answers somewhere in one of them here: http://tomcopelandblog.com/category/...-taxes?cat=933
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Tags:income, income - profit, income tax
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