Wondering if your bank charges are tax deductible and how to incorporate this cost in accounts Find out in this blog article!
Tax-deductible expenses 💰
To know whether a certain cost is tax deductible, you first need to ask yourself whether the cost was incurred in relation to your self-employed activities. Then you need to ask yourself the next 3 questions:
1️⃣ Has the professional expense been paid or borne during the taxable period?
2️⃣ Was the professional expense incurred to obtain or retain profits?
3️⃣ Can you justify/prove the professional expense?
Tip
Be sure to view our article on what you need to include deductible expenses in your accounts!
Can you process bank charges in your accounts?
For your bank charges, an exceptional copy of the bank statements is sufficient.
Why exceptional? Because this is normally not sufficient to prove expenses and you normally need an invoice or proof of purchase from the supplier. Here this is not necessary.
Wondering how easy it is to process these effectively in Dexxter? Discover the video here.
Tip
Curious about which costs you can still include in your accounts? Then view our list of tax-deductible professional expenses!
Dexxter to the rescue! 💪
Managing bank expenses has never been easier than with Dexxter, the user-friendly accounting software for sole proprietors! Manage all your income and expenses in no time. This allows you to accurately keep track of what representation expenses you incur and how much you can deduct.
Optimise your bookkeeping and do not forget any expenses. Put your receipts in Dexxter however you want (mail, app, PC). 🤝
Dexxter was created especially for Belgian sole proprietors, because we believe that bookkeeping doesn’t have to be difficult.
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Try Dexxter free through our 30-day trial!