Tax Benefits of Using Certain POS Systems
Apr 26, 2017
There are many benefits for using a point of sale system for businesses of any size. Convenience, accuracy and efficiency are just a few, but are you aware that POS systems also offer tax benefits? At
POS Systems Maximize DeductionsSmall businesses need every deduction they can get when it comes to tax time. One of the most important deductions you can use is the cost of goods sold. With a POS system, you get every single penny you need toward your deductions with the up to date, accurate information. With a mobile POS card reader, you can quickly access data about miscellaneous inventory costs, supplies and materials, purchases and beginning inventory figures.
Digital solutions offer the most accurate figures for your end-of-year inventory, and give you the full deduction amount that you are entitled to.Reliable Sales Tax and Income InformationWhen completing your business tax return, it’s vital that your income reporting is accurate. Steep penalties often result from even the smallest errors. A POS system clearly separates non-income fees and distinguishes sales tax from your total sales. When you have accurate information about your income, you can rest assured that you are not under or overpaying on your taxes. A POS system ensures that all allowances and returns are correct.Investment Versus IncomeAs a business owner, you must constantly balance what you take home against what you should invest in your business. With a POS system, you have real-time information that allows you to make tax-efficient investment decisions that help grow revenue for your business rather than treating it as income.Accuracy Made EasyWith a POSmerchant account