One transaction that many solo business owners over look is recording bank service charges and credit card processing fees. In fact, they tend to over look the credit card processing fee because it is probably deducted from the total amount prior to the credit card company depositing your income to you bank account. That is why it is crucial to run a report from your merchant debtor: PayPal, Square, Venmo, or any other you use; so that you can record your transaction correctly in your record keeping. If not, you’re missing out on a tax deduction.
Tidbit Tuesday: Recording Processing Fees
