By now, you’ve probably received most of your needed tax documents in the mail and may even be gearing up for tackling your federal taxes (or taking your shoe box of things to your accountant). Either way, if you have a business, whether as a blogger, an online shop owner, or the like, you may very well have received payments via Paypal last year. In that case, it’s important to record your fees paid to Paypal as a business expense. But — what if you haven’t been keeping track of those fees?
I am woe to admit that in the past, I have gone through and manually just worked my way through transactions to figure out how much all those Paypal fees cost me throughout the year. This year, however, I knew that I had way too many transactions to do that manually. I prayed that there was a way to easily find the fee information.
Lo and behold – there is! (At least, there is for business accounts. I imagine this means that this is also available for premier accounts, and hopefully for personal ones as well.)
To Find Your Paypal Fees Paid Last Year:
1. Login to your Paypal account. (Okay, yeah, that was a given. This was kind of like the directions on Google maps when they tell you how to get out of your neighborhood, right?)
2. Near the top of the page (but under the tabs that say things like “Request Money” and “Send Money”), you will see a link called “History.” When you hover on it, you’ll see a drop down and one of the options is “Reports.” Click on “Reports.”
3. Under the section of “Summary Reports,” you’ll see a link that says “(Past Year) Financial Summary.” So, at the time of this writing, it says “2011 Financial Summary.” Click it!
4. You will be able to either save the document or open it. Personally, I opened it to see it (and there is a whole section on it just about Paypal fees, so you’ll know your total from last year), printed it, and then saved it to my computer.
Hopefully this will save you time where figuring out your Paypal fees from last year are concerned. Definitely don’t forget to write them off as a business expense!
This post is linked to Works for Me Wednesday.