Is Quick Pay a Tax write off?

Most of my loyal customers pay by check only. I'm okay with it. It's only around the holidays these come late. It might be the same around the tax season. So far, only one check was lost. But they wired the money after 45 days instead since it was still missing. The check eventually showed up after two months.

 

Agree somehow. And if someone is out of office or on vacation, the money might be delayed by a week. Occasionally, it happens with my loyal customers, but rare.

 

I use my Visa card for that, for most expenses. But I prefer to pay by check for repairs since there is an extra fee to pay by a credit card. Unless, if something has to be done on the road, I use a credit card. Then I just wire the money back online to the credit card.

 

I look at expenses as
Any dollar spent to make a dollar is a write off in most cases
If paid the entire amount and then you spent X dollars to get paid I’d assume that falls under money spent on business to make money theory
But if they took their cut first then you never were paid that amount therefore it was basically already written off as you never received it as income in the first place

It would be like a $1000 but they post it as $950 with no fees

 

Quick pay is essentially you spending money to receive money you legally earned and made already quicker physically. So it would definitely be a business expense.

Lol, just going to throw in here that you can hire your kids and pay them 12k a year tax free. Put it in a Roth IRA or UGMA for them and let it just ride from there for 18 years. Should have like 600k-1mil by the time they graduate.

 

Do you ever look on the back of the checks you’ve written and have cleared the bank? It’ll show which bank and which account it went into. Of course YOUR account number and account number are on the front of your check....