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How to Accept Credit Card Payments

Fundera

These days, accepting credit card payments for your products or services is a virtual requirement. In fact, some businesses have begun to do away with cash transactions entirely—perhaps because researchers have found that people overspend with credit cards. But don’t let these complications deter you.

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Are Business Credit Card Fees Tax Deductible?

Fundera

But that also means you’re likely to come up against business credit card fees, which can add up. With tax season upon us, you might wonder if business credit card fees are tax deductible. After all, who doesn’t want to make the most of their deductions? Understanding How Business Credit Card Fees Work.

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Benefits of Having A Business Bank Account

Lendio

It Simplifies Tax Deductions Instead of wading through personal purchases to extract business transactions as you track your cash flow or estimate your quarterly tax payments, having a dedicated business bank account allows you to identify exactly what you’ve purchased for the business.

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Understanding Debit Card Processing Fees in 2023

Lendio

As the moniker suggests, debit cards debit money out of an account, typically a checking or savings account at a bank or other financial institution. When a purchase is made, the funds are deducted directly from the buyer’s account. In this way, debit cards are similar to cash. Why Are Small Businesses Charged Debit Card Fees?

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How To Open A Business Bank Account

Lendio

Maximize Your Tax Deductions By using a business account for all of your expenses, you’ll make it easy to deduct them when it comes time for taxes. Business Checking Account This basic account is a must-have to facilitate transactions, both expenses and receivables. It also gives you some liability protection.

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Business Finance Terms Definition List

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For example, if your company receives $3,000 worth of inventory on January 1st and has agreed to net-60 payment terms, the $3,000 debt would be filed under accounts payable until you pay it off. Cash basis accounting is an accounting method that records revenue and expenses when they are paid for, instead of when transactions occur.

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The 4 Best Free Payroll Software

Fundera

These are tools that can quickly and accurately determine what an employee is owed each pay period via their hours worked, and also keep track of deductions like workers’ compensation and taxes. This means determining the correct federal, state, and local tax deductions each time you run payroll.