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Does a restocking fee still qualify as a business expense?
Does the filing fee for an LLC count as a business expense when paying taxes in the US?What are the tax consequences if my S corporation earns money in a foreign country?Can return fees be reimbursed from an HSA?Claiming business expense from personal credit cardWhat do I need to do to form an LLC?As a sole proprietor can I charge a fee for being paid by check or cardCan I claim household services as business expense? (USA)Should Canadian contractor ask US client to pay into a US or Canadian bank account?Do I need business license and account to work as a software contractor
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This is a question about federal income tax in the United States.
I am an independent contractor/sole proprietor in the field of software development. Projects I work on sometimes require me to purchase computer hardware or software which I report as business expenses on my personal income taxes.
A client indicated they would need me to have a particular piece of hardware, so I bought it, opened it, and set it up. The next day, the client changed their plans and I no longer needed the piece of hardware, so I returned it to the store I had purchased it from. They charged me a restocking fee for returning the item because I had opened it.
Had I kept the piece of hardware, it would have qualified as a business expense. Does the stocking fee for returning the item count as a business expense, or would it not qualify?
united-states income-tax
asked 8 hours ago
user45623user45623
1657 bronze badges
add a comment
|
This is a question about federal income tax in the United States.
I am an independent contractor/sole proprietor in the field of software development. Projects I work on sometimes require me to purchase computer hardware or software which I report as business expenses on my personal income taxes.
A client indicated they would need me to have a particular piece of hardware, so I bought it, opened it, and set it up. The next day, the client changed their plans and I no longer needed the piece of hardware, so I returned it to the store I had purchased it from. They charged me a restocking fee for returning the item because I had opened it.
Had I kept the piece of hardware, it would have qualified as a business expense. Does the stocking fee for returning the item count as a business expense, or would it not qualify?
united-states income-tax
asked 8 hours ago
user45623user45623
1657 bronze badges
2
It's a reduction of your business' bottom line, so I would definitely consider it a business expense.
– RonJohn
8 hours ago
1
To clarify, you would not claim the purchase price, because it has been refunded. Just the 15% or whatever.
– Damila
1 hour ago
This might sound a bit pedantic, but: was it an expense/fee you paid? Was it strictly for activities that are a part of the operation of your business? If the answer to those two is yes, then it was a business expense.
– Makyen
29 mins ago
add a comment
|
This is a question about federal income tax in the United States.
I am an independent contractor/sole proprietor in the field of software development. Projects I work on sometimes require me to purchase computer hardware or software which I report as business expenses on my personal income taxes.
A client indicated they would need me to have a particular piece of hardware, so I bought it, opened it, and set it up. The next day, the client changed their plans and I no longer needed the piece of hardware, so I returned it to the store I had purchased it from. They charged me a restocking fee for returning the item because I had opened it.
Had I kept the piece of hardware, it would have qualified as a business expense. Does the stocking fee for returning the item count as a business expense, or would it not qualify?
united-states income-tax
asked 8 hours ago
user45623user45623
1657 bronze badges
This is a question about federal income tax in the United States.
I am an independent contractor/sole proprietor in the field of software development. Projects I work on sometimes require me to purchase computer hardware or software which I report as business expenses on my personal income taxes.
A client indicated they would need me to have a particular piece of hardware, so I bought it, opened it, and set it up. The next day, the client changed their plans and I no longer needed the piece of hardware, so I returned it to the store I had purchased it from. They charged me a restocking fee for returning the item because I had opened it.
Had I kept the piece of hardware, it would have qualified as a business expense. Does the stocking fee for returning the item count as a business expense, or would it not qualify?
united-states income-tax
united-states income-tax
asked 8 hours ago
user45623user45623
1657 bronze badges
asked 8 hours ago
user45623user45623
1657 bronze badges
asked 8 hours ago
user45623user45623
1657 bronze badges
asked 8 hours ago
user45623user45623
1657 bronze badges
asked 8 hours ago
user45623user45623
1657 bronze badges
1657 bronze badges
2
It's a reduction of your business' bottom line, so I would definitely consider it a business expense.
– RonJohn
8 hours ago
1
To clarify, you would not claim the purchase price, because it has been refunded. Just the 15% or whatever.
– Damila
1 hour ago
This might sound a bit pedantic, but: was it an expense/fee you paid? Was it strictly for activities that are a part of the operation of your business? If the answer to those two is yes, then it was a business expense.
– Makyen
29 mins ago
add a comment
|
2
It's a reduction of your business' bottom line, so I would definitely consider it a business expense.
– RonJohn
8 hours ago
1
To clarify, you would not claim the purchase price, because it has been refunded. Just the 15% or whatever.
– Damila
1 hour ago
This might sound a bit pedantic, but: was it an expense/fee you paid? Was it strictly for activities that are a part of the operation of your business? If the answer to those two is yes, then it was a business expense.
– Makyen
29 mins ago
2
2
It's a reduction of your business' bottom line, so I would definitely consider it a business expense.
– RonJohn
8 hours ago
It's a reduction of your business' bottom line, so I would definitely consider it a business expense.
– RonJohn
8 hours ago
1
1
To clarify, you would not claim the purchase price, because it has been refunded. Just the 15% or whatever.
– Damila
1 hour ago
To clarify, you would not claim the purchase price, because it has been refunded. Just the 15% or whatever.
– Damila
1 hour ago
This might sound a bit pedantic, but: was it an expense/fee you paid? Was it strictly for activities that are a part of the operation of your business? If the answer to those two is yes, then it was a business expense.
– Makyen
29 mins ago
This might sound a bit pedantic, but: was it an expense/fee you paid? Was it strictly for activities that are a part of the operation of your business? If the answer to those two is yes, then it was a business expense.
– Makyen
29 mins ago
add a comment
|
1 Answer
1
active
oldest
votes
Yes.
Just like if your business entered into a contract with a penalty for non-completion.
answered 8 hours ago
Rupert MorrishRupert Morrish
5,5814 gold badges14 silver badges36 bronze badges
add a comment
|
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Yes.
Just like if your business entered into a contract with a penalty for non-completion.
answered 8 hours ago
Rupert MorrishRupert Morrish
5,5814 gold badges14 silver badges36 bronze badges
add a comment
|
Yes.
Just like if your business entered into a contract with a penalty for non-completion.
answered 8 hours ago
Rupert MorrishRupert Morrish
5,5814 gold badges14 silver badges36 bronze badges
add a comment
|
Yes.
Just like if your business entered into a contract with a penalty for non-completion.
answered 8 hours ago
Rupert MorrishRupert Morrish
5,5814 gold badges14 silver badges36 bronze badges
Yes.
Just like if your business entered into a contract with a penalty for non-completion.
answered 8 hours ago
Rupert MorrishRupert Morrish
5,5814 gold badges14 silver badges36 bronze badges
answered 8 hours ago
Rupert MorrishRupert Morrish
5,5814 gold badges14 silver badges36 bronze badges
answered 8 hours ago
Rupert MorrishRupert Morrish
5,5814 gold badges14 silver badges36 bronze badges
answered 8 hours ago
Rupert MorrishRupert Morrish
5,5814 gold badges14 silver badges36 bronze badges
5,5814 gold badges14 silver badges36 bronze badges
add a comment
|
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2
It's a reduction of your business' bottom line, so I would definitely consider it a business expense.
– RonJohn
8 hours ago
1
To clarify, you would not claim the purchase price, because it has been refunded. Just the 15% or whatever.
– Damila
1 hour ago
This might sound a bit pedantic, but: was it an expense/fee you paid? Was it strictly for activities that are a part of the operation of your business? If the answer to those two is yes, then it was a business expense.
– Makyen
29 mins ago