My Service Fee/Deductible (2024)

FAQs

Is the service fee tax deductible? ›

An optional payment designated as a tip, gratuity, or service charge is not subject to tax. A mandatory payment designated as a tip, gratuity, or service charge is included in taxable gross receipts, even if the amount is later paid by the retailer to employees.

The amount you pay for covered health care services before your insurance plan starts to pay. With a $2,000 deductible, for example, you pay the first $2,000 of covered services yourself.

How much does it cost to replace an insured phone? Most cell phone insurance policies require a deductible, meaning if you file a claim, you'll have to pay for some of the cost out of pocket. The size of your deductible will depend on your insurer and the policy you choose, but they tend to range from $50 to $200.

The Xfinity Mobile Protection Plan helps protect your device, helps you solve technical issues, and optimizes device performance. For only $7, $12, or $15 (per month, depending on device) you can rest assured that should the unexpected occur, you can avoid costly replacements and get back up and running quickly.

All service charges can be deducted. Building improvements can be deducted if they are revenue expenses, but not if they are capital expenses.

Examples of itemized deductions include deductions for unreimbursed medical expenses, charitable donations, and mortgage interest. Whether you choose to itemize or take the standard deduction depends largely on which route will save you more money.

If you're more likely to get into an accident, you won't want to pay out a higher deductible. However, if you're generally a safer driver, your car insurance premiums will be lower with a $1,000 deductible.

If 30% of your time on the phone is spent on business, you could legitimately deduct 30% of your phone bill. In Entrepreneur magazine, writer Kristin Edelhauser recommends getting an itemized phone bill, so you can measure your business and personal use and prove your deduction to the IRS.

Most drivers choose a $500 auto insurance deductible, but policies with higher deductibles cost less. Choosing a plan with a higher deductible to get a lower insurance rate means higher out-of-pocket costs when filing a claim.

Does a deductible cover everything? ›

It's important to note that deductibles only apply to covered expenses. If a particular expense is not covered by the insurance policy, it cannot be applied toward the deductible. Additionally, deductibles typically reset each policy period.

Xfinity doesn't offer any discounted plans for seniors; however, we'd recommend looking into Xfinity Choice TV, which offers over 10 channels at an affordable monthly price of $30.

Whether you are able to deduct professional services fees depends on the purpose of the service. For example, legal and accounting services that are part of your business' “ordinary and necessary” expenses can be deducted. Personal legal expenses cannot, however.

The Tax Cuts and Jobs Act (TCJA) of 2017 put an end to the deductibility of financial advisor fees, as well as a number of other itemized deductions. As of January 2018, these fees no longer contribute to reducing your tax bill.

The rule for business owners and landlords is that you can generally deduct amounts paid for repairs and maintenance if the expenses don't have to be capitalized. However, some isolated energy-related tax credits are available for the average homeowner.

Yes, credit card processing fees, often referred to as merchant service fees, are tax-deductible for businesses. They are recognized by the IRS as an essential operating cost of doing business.