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| Name | Merchant processing fees are tax-deductible! 💰 |
| Video Uploader | Video From Mario Flawless |
| Upload Date | This Video Uploaded At 26-12-2021 20:05:01 |
| Video Discription | Do NOT charge 'credit card surcharges' if a customer pays you with a credit card on your website. It is against most payment processors' terms of service and can get your payment processing shut down. Merchant processing fees are tax-deductible! 💰 Do not punish your customers by charging them more for using a credit card to pay you. I was quoted by a freelancer to do some misc work $200. Easy stuff, no biggie. But then after paying him through his invoice via paypal, he sent me a 2nd invoice to cover the "paypal fees". If you need enough to cover the service + processing fees, price your services to compensate for the fees. Cash is cool and all, but cards are more convenient and worth the fees, especially since they are a CODB (cost of doing business) which you can categorize on your taxes. Specifically... When doing your taxes, line 17 of the Schedule C form "Legal and Professional services" is where you'll input the total of your merchant processing fees. This tax deduction is subtracted from your total gross earnings, meaning that your taxable income is your gross earnings minus processing fees. LET ME EXPLAIN HOW THAT WORKS WITH THIS EXAMPLE: You earn a gross total of $1,000 and you pay roughly $30 in credit card processing fees. Reporting the $30 in processing fees on your Schedule C form makes your actual taxable income $970. Basically, and obviously, you pay less tax on $970 than $1,000. Plus, you wouldn't expect to walk into any retail store and pay an extra 3% because you paid with credit card, right? #businesstips #business101 #taxdeductions #taxdeduction #taxdeductible #taxwriteoff #entrepreneurship101 #schedulec #paylesstaxes #makeyourmoneyworkforyou |
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