Use PayLater™ Mobile Payment App, Get a Tax Deduction
The Taxman Taketh…
Maybe your small business is a bar. Maybe it’s a restaurant or a food truck. Maybe you’re a lawyer or a veterinarian. Or a handyman, electrician, or a photographer. No matter what you are, you wouldn’t get very far in your business without taking payments for your goods and services by credit card. In fact, most cash or check-only businesses are dinosaurs, relics of an age gone by.
But taking credit cards comes at a price. Sometimes, a steep one that hits hard at your bottom-line revenue.
Typically, most businesses pay between 2% and 10% each time they swipe, run, or otherwise charge their customers credit cards. If your business is doing well, that can really add up through the course of each and every year. Many small businesses pay 6-figure fee totals each year!
Sadly, many (if not most) small businesses don’t realize, it doesn’t have to be that way at all.
Tbbbout PayLater™ Giveth Back…
To put it most succinctly and according to Michael Roth, Certified Public Accountant with Baltimore’s Offit-Roth, businesses can deduct the processing fees associated with credit card payments.
“Per IRS Publication 535 regarding Business Expenses,” says Roth,” it states that ‘Credit card companies charge a fee to businesses who accept their cards. This fee when paid or incurred by the business can be deducted as a business expense.’”
Go on, check it out if you don’t believe us: https://www.irs.gov/publications/p535#en_US_2018_publink1000209190
That means, when your business signs up to use our Tbbbout PayLater™ app to take mobile tab, bill, and invoice payments, the small fee you pay to process each one is deductible on your taxes.
Yet, despite the potentially huge impact on their bottom lines, most small businesses don’t take the deduction, don’t know about it or don’t think it’s worth it. A quick search of Google for the top tax deductions for small business doesn’t reveal a single “Top 10” or “Top 20” deductions list that includes it.
Get Tbbout’s PayLater™ app today for your business and let your customers pay by entering their credit cards into our mobile app. You can take instant payments, send invoices for one-time or recurring bills, or let your patrons open and close their own tabs.
When you use our app, we send you a report at the end of the year showing how much you’ve paid in credit card processing fees so you can pass it along to your accountant for IRS deduction at tax filing time.
Stop squandering thousands (or even hundreds of thousands) of dollars each year!
Want to Let Your Customers Pay by Phone?
Sign up for free today! Let your customers bypass any lines and avoid waiting at your location. Trust us, they hate to wait. Just ask them.
We can have you up and running with our pay-by-phone solution in 30 minutes or less.