Don't Forget To Deduct Your Credit Card Processing Fees
Credit card processing fees are a business expense, and that means that they are tax deductible.
Tax season just started and many businesses are probably looking for ways to save every penny possible. Make sure to deduct your processing expenses from this years taxes, or give your monthly statements to your accountant and have them do it.
If you don't have a copy of last year's monthly processing statements, call you processor and see if they can re-print them for you. It may cost you a few bucks, but if you do a lot of processing it could end up being a big deduction on your return.
Lastly, business deductions like this can get tricky depending on what type of company you are running (Sole Proprietor, S-Corporation, LLC, etc...), especially if this is a new business to you, or you don't have a lot of experience in business tax preparation. If you have any doubt about what you're doing, make sure to consult a qualified CPA or tax professional to help avoid getting audited or fined. The IRS doesn't think ignorance is a reasonable excuse for tax mistakes.
1 Comment
seanharper says:
Don't Forget to Deduct Any Fees - online advertising, ebay listing fees, hosting fees, employee salaries. While there are a few exceptions, almost every expense that your business pays is tax deductible. Keep track of them in quickbooks and have your accountant deduct them when he/she prepares your taxes.
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