You have to ask your self questions about what expense is a business expense ...
From: Travis Johnson Sent: Wednesday, July 06, 2016 12:35 PM To: [email protected] Subject: Re: [AFMUG] Credit card irregularities. Does the 3% credit card processing fee ($300 on $10k) justify the miles you will gain? How much is it to just "buy" the same amount of miles? Inquiring minds want to know. I use a 2% cashback on everything card for ALL my personal expenses (groceries, gas, utility bills, cell phone bill, food, car expenses, etc), and a different business card (also 2% cashback on every single item) for all my business stuff. Then I just get checks mailed to me about once a month for the rewards. The miles game always seemed like a lot of work to track everything, etc. Travis On 7/6/2016 12:08 PM, Chuck McCown wrote: S Corp From: Jason Wilson Sent: Wednesday, July 06, 2016 12:07 PM To: [email protected] Subject: Re: [AFMUG] Credit card irregularities. Sole Proprietor? LLC or Corp? If you are a structured org (llc,Corp) and you have an invoice for said items then you should be ok. Credit card kiting refers to the use of one or more credit cards to obtain cash and purchasing power they do not have, or pay credit card balances with the proceeds of other cards. Unlike check kiting, which is illegal under nearly all circumstances, laws against credit card kiting are not completely prohibitive of the practice, thereby allowing it to be done to some degree. It is up to the banks to detect the practice and when necessary, stop it. In order for prosecution to occur in a credit card kiting scheme, a bank must prove intent to deceive.[1] Eq seq reference infers paying credit card minimum balances with credit card proceeds is de facto evidence of deceit. It all will depend on your CC Processor. Jason Wilson Remotely Located Providing High Speed Internet to out of the way places. 530-651-1736 530-748-9608 Cell www.remotelylocated.com On Wed, Jul 6, 2016 at 11:01 AM, Cameron Crum <[email protected]> wrote: I didn't think about the miles thing. I just didn't think they would care as they are still getting paid and you'll be out about 3% of the charge. The biggest charge I've run through my own cars was about $300. I know square used to hold funds over $1000 for some period...like 7 days or so? Maybe that is too long, but I seem to remember something like that. On Wed, Jul 6, 2016 at 12:55 PM, Josh Luthman <[email protected]> wrote: From what came up a while ago you can do that no problem after contacting the merchant but IPPay doesn't allow those shenanigans. Josh Luthman Office: 937-552-2340 Direct: 937-552-2343 1100 Wayne St Suite 1337 Troy, OH 45373 On Wed, Jul 6, 2016 at 1:53 PM, Chuck McCown <[email protected]> wrote: I am thinking of doing this for about $10K and really don’t want to get money or systems locked up. I can also run it through my ecommerce site and I have a quick books merchant account too. From: Cameron Crum Sent: Wednesday, July 06, 2016 11:50 AM To: [email protected] Subject: Re: [AFMUG] Credit card irregularities. I've run my own card on my own account before a couple of times for testing and for paying myself for something as well. I'm not sure they really care, but I haven't read the AUP in like 4 years. Cameron On Wed, Jul 6, 2016 at 12:40 PM, Chuck McCown <[email protected]> wrote: This has been covered here before. I am considering buying something from my own company. Have Jenny run my personal card on her company square reader. Not sure if that violates any kind of AUP. Hate to get her merchant account shut down. It is a woman owned business with her owning more than half. I don’t technically work there. I am not on the payroll. How risky is this?
