Should we claim the fee for submitting the Wisconsin DFI OSB Annual Report as an business expense? If so, under the Taxes and licenses section?

Forum|Forum|3 years ago
March 18, 2023
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There was a $26 fee for submitting the required Wisconsin DFI OSB Annual Report. I'm wondering where/if we should claim this is a business expense under the 'Taxes and licenses' section.

TurboTax Self Employed Online

MonikaK1

Establishing a business structure, such as a corporation, partnership, or Limited Liability Company, requires filing fees to be paid to the secretary of state or other regulating authorities.

Annual filing fees and other annual business report fees are a deductible expense. You can categorize them as "licenses and fees", or something along that line.

See here for FAQs from the Wisconsin Department of Financial Institutions for more information about their annual reports and their business portal.

See IRS Publication 535 for more information regarding business expenses.

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