Tax season is upon us again.
As you go ahead and scramble to collect all of the expenses you can possibly write off, you are probably forgetting that every time you take an online payment from PayPal they take a service fee off the top, and you can expense that!
To get the service fees you’ve paid over the last calendar year, check out these steps
Login to your PayPal account Go to the following URL: https://business.paypal.com/webapps/merchantreportingweb/page/fsr.form
This will give you a report screen.
Make sure “Monthly Sales Report” is checked
Then select your summary month. Note: PayPal no longer allows you to choose the entire year, so you will need to add up the 12 months, or enter each month individually into your expenses.
After the month is selected, press “view report” and you will be able to see that months summary with the fees you’ve paid.
It’s difficult to find these instructions in the PayPal docs, so I hope this helps 🙂
Important: Please consult your tax professional, as I am not a certified accountant, nor do I play one on the internet.
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