Credit Card Form Statement With Processing Fee In Riverside - Obtain Credit Card for an Officer - Corporate Resolutions Forms
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FAQ
A merchant processing statement lists your company's transactions, sales, and processing fees and is sent by your payment processor. Note that some processors may call this a credit card processing statement.
Because they can be classified as operating expenses, the answer to 'are merchant fees tax deductible' is usually yes. Your business pays fees to both the card issuer and card network processor to accept credit card payments.
Credit card processing fees encompass three types of fees (interchange, assessment and payment processing) that get distributed to three separate financial institutions (issuing bank for the card, credit card network and payment processor) involved in facilitating the card payment process.
These fees are considered to be ordinary and necessary expenses directly associated with the operation of your business. When you accept credit card payments from customers, you can deduct the fees charged by the payment processor or merchant services provider, reducing your taxable income and increasing tax savings.
These expenses fall under the category of “miscellaneous expenses”, where you'll be allowed to describe them as “credit card processing fees”.
