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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.
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I love tutorials like this! I did happen to find a report this year on paypal that gave me the info I needed for taxes. It made tax time SO much easier!
Angie, this is such great information. I have discovered in my 3 1/2 years of having an Etsy shop, that many people do not even consider Etsy fees or PayPal fees when figuring their end of the year profits. Often their reason is that the fees are just too much work to figure out.
Again, great advice. Thanks for sharing.
So useful! Thanks, Angie.
Thank you do much for this information — it’s exactly what I needed to find!!
Thank you for this informations…was indeed a “little blessing” as I have been dreading figuring this out.
Thanks for sharing this! Last year I just added everything up. This will be a big time saver this year. Thanks again!
Angie, thank you so much for sharing this information. So glad I found your blog in early 2013. Will be visiting often!
You just saved me about 1.5 hours of frustration! I appreciate it – wishing you a belated Happy New Year!
OMG thank you for this! Was just about to try to figure out how to do this & you saved me a LOT of frustration.
This post may be older, but it’s still relevant. Thank you for sharing your knowledge. A year later, it’s still really useful!
Thank you so much–that was extremely useful. I am doing my taxes as I type this…
Thanks so much for the help it’s much appreciated .. I googled “how to figure you pay pal fees” and your post was one in the top line-up …
blessings ..Sara
Hello,
I do not have a “reports” tab under history. Has this changed for 2014?
It looks like it has changed up some, but I still have “History” and then “Reports” and then it will be “Annual Financial Summary.” You don’t have a “Reports” option at all?
All I read is summery activity send & request wallet shop
Nothing about history.
Is the problem that I do not have a business account?
Yeah, it could be that that’s only available on business accounts. I’m not sure, since mine is a business account.
PayPal seems to have deleted the “History” link that you mention.
That puts me back to square one in attempting to figure out the total amount paid for 2016.
Spent my share of wasted time waiting for PayPal to return my call.
I’ll let the tax folks figure it out.
I’ll have to update the directions. 🙂
On mine now, I click on “Reports” from the top of the screen. Then I do a “custom” report option (where they give an option of monthly or custom). Then it let me do 2016 as the custom time frame so that I could have information on all of my fees, transactions, etc. for last year.