Is Quick Pay a Tax write off?

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I have Private client with Chase ( which is free depending on what you have in your investments / cash account ) and basically everything is free.

Free to send ACH’s
Free to wire money in US / Canada
Free business checks mailed out
Free private investing with JP Morgan

the list goes on….

 

It’s really not a big deal, you have to track each load and make sure payment is made anyway. If it’s an ach you have to pair up finding the payment in your account which isn’t any easier then pairing up a check to the load. She writes out the deposit slip and it goes into the night deposit box on the way home. As far as sending checks it’s really not that hard, most people factor anyway so most checks go to factors. Quick books spits the checks out to the printer and they are laid on my or my wife’s desk for signing. We could just stamp them but I like to lay eyes on every check that goes out even if it’s for 2 seconds.

 

One thing I haven't seen yet mentioned (I could have missed it.)
What happens when the broker issues a 1099 and they put $1,000 on the form, but you only put on $950?
I know only a few brokers do that, but is it worth an audit because you didn't record the full transaction and just the final payment?

 

I would need that member of my team regardless. Like I was saying in my previous post, the work time isn’t really any different, it’s just the wait or lag time. That’s just my opinion though.

@bonder45 I hear what your saying about the bank, and I’m not saying your wrong. We do send free ACH to everyone each week for payroll. Any wires I send they always wave the fees. What I find value in with a small town bank is having my bankers cell and being able to call him at any time and have access to anything I need. If I bought something tomorrow and needing money, I’d just call him and he’d throw it in the account and we’ll sort paperwork later in the week. To me that’s priceless.

I am going to look into the business credit card, never have had one, and don’t even have personal credit cards.

 

Btw guys if I was running a single truck and doing it from the cab I may very well feel different. I don’t want to seem like I’m arguing. It’s nice to exchange ideas and different sides of things. I appreciate the back and forth.

 

If brokerage company gives you a 1099 for the total amount of load then quick pay percentage is taken yes, if you receive 1099 that shows the amount after fee taken out then no.

 

In my case, Quickbooks automatically pulls the information from my business account and all I have to do it hit a little check mark to match the two transactions up.

Sooooooo easy to make sure the checks and balances zero out every month.