What could we do with all the direct deposit cash advances fees? can it be tax deduction?
g asked:
There is a charge for using cash advance, 2.00 for every 20.00, usually for 500.00 which would be the limit per week would end up with a fee of 50.00, so I would like to know if all of these fees can be used as a deduction during the time to do the taxes.
If you are taking cash advances for your own personal use, then no, that is a personal expense. If you are running a business, and these are fees the business is paying for banking, then it is a deductible business expense.
I personally would find a bank where you can get access to the money you need without paying any fees, that way you don't have to worry about the tax consequences.
Personal cash advance fees (and high interest rates on that money) are considered personal finance charges and are not tax deductible (unless used to produce taxable income). The fact that you ask means that you are living beyond your means and either need to decrease your spending or increase your income. Your personal income is unlikely to increase at the rate you are paying for fees and interest, so instant gratification is costing you much more than if you waited until you had the cash.
No, there is no tax deduction for those fees, but while we are on this subject, I think you should open an bank account at a bank that allows you to have direct deposit and withdraw your money without these fees.