Is My Credit Card Processing Merchant Account Tax Deductible?
Posted on : 04-18-2010 | By : admin | In : Credit Card Processing
0
One of the great things about having a merchant account is that its tax deductible!
That’s right the monthly statement fee and gateway fee as well as any equipment or setup fees are all tax deductible.
The percentage you pay as well as the transaction fee are all tax deductible.
Lets face it, the only way you’re going to get paid is by cash, check or credit card and these days most buyers want and expect the option of paying with their debit or credit card.
As its become a cashless society the need to accept credit cards is just as important as having a phone number and email address if you’re going to survive in business these days.
So if your thinking about setting up a merchant account but feel you can’t afford it remember that any expense going out will come back to you in April.
If it costs you money to achieve business it can be deducted.
Having a merchant account allows you to keep tabs on your monthly and annual income as each month you’ll get a detailed accounting of all your sales paid for by credit card as well as the what it cost you in fees on that particular sale.
If you’re already accepting credit cards be sure to speak to your accountant so that you’re being credited for the expense you’ve put out for your merchant account.
