Make Sure Business Expenses and Write Offs are Legitimate

A business owner must tread lightly when dealing with the Internal Revenue Service. When an entrepreneur makes a mistake on his or her taxes, they will often have to spend a lot of time and money fixing the issue. The biggest problem many small business owners face is they do not claim legitimate deductions. Here are three ways an entrepreneur can make sure that his or her write-offs are legitimate.

Common sense: In many cases, one can use basic common sense to understand if they have a legitimate deduction. For instance, credit card processing accounts are a business expense that one can claim without worry. In other cases, one can determine if their expense is not related to the business such as a lunch with a friend or family member. Remember, a necessary item such as a merchant account will not draw scrutiny by the IRS when one writes them off for their business.

IRS: When a taxpayer need answers to a question, they can contact the IRS via phone or email. With this step, a business owner can determine if they can write off an expense such as a merchant account. Remember, tax issues are complicated and going directly to the source will solve the problem.

Professional: A small business owner should have an established relationship with an accountant or CPA. If this is the case, an entrepreneur should ask his or her tax professional for advice. This will certainly yield the correct answer as a CPA will know the state and federal tax laws. Without a doubt, when looking for the answer, one should ask a professional with years of experience.

When deducting items from a tax return, one must exercise caution. While some write-offs are obvious, others will be tricky for an untrained professional. For example, most people know that they can write-off credit card processing fees, but some do not know if they can deduct gas or a business lunch with a friend.

GET FREE QUOTE TODAY AND START SAVING


Testimonials

It took me a while to decide who I wanted to settle with to handle all of my credit card transactions because every company wants to make it sound like they're offering you the best rates. CreditCardProcessing.com was able compare and beat all of the other offers I received. They were also able to provide me the fairest price on my EMV-compliant terminal. My sales representative and the support team were there to assist every step of the way. Ultimately, I'm looking forward to a long term relationship with this company.

Roland Tran from the Hong Kong Kitchen

It is a pleasure dealing with these folks. Their pricing is fair, their statements are understandable and their employees are knowledgeable and friendly.

John MacMillian from the Great Lakes Baking Company

The service was very professional, my sales person (Steven B.) was very well versed in the product and most helpful in getting our company set up to accept credit cards via my cell phone. Their rates are some of the lowest on the market and their service is unparalleled. I will recommend them to anyone requiring a credit card processing service.

Michael Harper from Deluxe Auto Body

Jonathan C. is wonderful to work with. He is very helpful, accommodating and resolves any issue quickly. It is hard these days to find someone who gives great customer service, but I can say, Jonathan is the best! I would not hesitate to recommend him to any business owner and to assist you in helping to grow your business.

Linda Garner from Regali Da Forno

I called indecisive about getting a device, but speaking to your Sales Consultant completely settled me. He was very professional, knowledgeable and patiently walked me through the process. He always responded to my voicemails and answered all my questions. After I received my merchandise, he called following up to ensure that I had received it. Customer service I would say is 5 stars. Stellar! Thanks Credit Card Processing, I will definitely recommend you.

Sarah Morgan from Vision International Ministries
Call Us Today! (866) 837-0751

© 2016 CreditCardProcessing.com. All rights reserved. Privacy Policy
CREDITCARDPROCESSING.COM, LLC is a registered ISO of Wells Fargo Bank, N.A. Walnut Creek, CA

*Further terms and conditions may apply. Promotion contingent upon CreditCardProcessing.com's receipt of written competing offer(s).

**Certain restrictions may apply.

Promotional offers brought to you by CreditCardProcessing.com.

Call (866) 837-0751 for details.