Fees on business credit cards — annual fees, late fees, balance transfer fees, etc. — can fit that description. This also means you can potentially deduct business credit card interest, as well as any credit card processing fees you paid for accepting card payments. If you want to ...
While using a business credit card for personal expenses is not illegal, mixing personal and company expenses can complicate accounting, tax-deductible reporting, and financial management. Is business credit the same as personal credit? Business credit and personal credit differ in how they impa...
Since, in a health insurance plan, the insurance provider does not pay for the entirety of your yearly medical costs, you have to pay a certain portion of these costs from your pocket. The deductible is one of these out-of-pocket payments. Before your insurance kicks in, you m...
A secured card is a viable way to improve your credit score and access credit. Secured business credit cards have the following parameters: The credit card company requires a deposit upfront. Your credit limit is typically in lockstep with the deposit. The more on-time payments you make,...
As tempting as it may sound, you do not want to use your business credit card to make personal purchases. At best, it will complicate your accounting — business expenses can be tax-deductible, but personal purchases usually are not. Furthermore, using a business card for personal reasons is...
A business bank account allows you to accept credit card payments This might be the single biggest reason why you want a bank account for your business. Since the entire world trades with credit cards, you’ll have to begin accepting them as you expand your business. ...
Business loan repayments aren’t generally tax-deductible but most interest payments made on business loans are.
Interest rates on business credit cards tend to be higher than other options and you might have to pay an annual fee. There are also fees for late payments. Lower borrowing amounts. The amount you can borrow with a business credit card is likely to be lower than other financing options. ...
Missed payments can result in interest charges and late fees that you would not have incurred if you keep your balance current. Paying early, in fact, might give your credit score a small boost. Your best bet is to be organized. Develop a bill-paying schedule so that bills do not accumu...
Regardless of what the exact circumstances are, did you know that it’s possible to get a business card for building credit when you have a low credit score? Most of the time, you see big banks dominating the landscape of credit cards, but many of these cards only approve applicants with...