A. No. Generally, the IRS treats late payment fees as personal expenses that are not deductible. What’s more, the deduction for personal interest expenses is long gone. But late payment fees incurred by a business may be deductible (e.g., fees on a business credit card).
Tip: While most personal interest expenses are nondeductible,other interest charges may qualify for deductions as mortgage interest, investment interest or student loan interest, if applicable rules are met.
- Small Business Tax Deduction Strategies No matches