Category: Accounting and Finance


Accounting and Finance, Credit Card Processing

How to Send Electronic Invoices

Ben Dwyer
by Ben Dwyer

In business, computers and the internet are making it easier than ever to streamline processes for maximum efficiency. A prime example is electronic invoices, offering the ability to send paperless bills to clients and even accept payment online. Read this intro to learn how to send electronic invoices and take advantage of the time savings.

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Sending invoices electronically is a quick and convenient way to bill customers for goods and services they’ve purchased from your company. In many cases, the email invoice will include a click-to-pay button to encourage your customers to pay by credit or debit card right when they receive the invoice.

Invoice

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Accounting and Finance, Credit Card Processing

Don’t Lose Money from Processing Fees Paid on Sales Tax

Ben Dwyer
by Ben Dwyer

Information provided in this article is for educational purposes only and does not constitute tax advice. For tax advice for your business, consult a tax professional. Paying Fees on Sales Tax What type of businesses does this affect? Can I change how I process transactions to avoid paying fees on sales tax? Passing Fees to […]

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For every transaction you process that is subject to sales tax, you pay processing fees on the total amount, including the sales tax. Processing fees paid on sales tax can add up quickly, so improperly deducting credit card processing fees paid on sales tax can be a costly mistake, a fact that many businesses that do their own taxes fail to consider.

administrative tasks

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Accounting and Finance, ecommerce, Legal

Online Sales Tax Rules for Ecommerce Businesses

Ben Dwyer
by Ben Dwyer

This decision overturns a 1992 ruling in Quill Corp. v. North Dakota in which the Supreme Court ruled that a business must have a physical presence in a state for that state to require it to collect sales taxes. That means that any online business did not have to pay sales tax in states where it did […]

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In 2018, the Supreme Court ruled in South Dakota v. Wayfair that states can require businesses to collect sales tax in states where they don’t have a business presence.

online sales tax

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Accounting and Finance, Credit Card Processing

IRS Merchant Reporting 6050w

Ben Dwyer
by Ben Dwyer

If you have a merchant account, this information applies to you. Make sure your processor has your correct TIN and tax filing name. Note: The information herein does not replace the advice of a qualified tax professional. Talk to your accountant about the impact of 6050w and your responsibilities under tax law. Section 6050w Overview […]

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Processors must report all settled payment card transactions under section 6050w. And they must perform backup withholding at a rate of 28% for merchants that have incorrect TIN or tax filing names.

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