CountryRoads 07:29 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!
Cat Herder 07:59 AM 01-14-2019
My understanding is that the answer to all three questions is yes.
Blackcat31 08:00 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