US 2014/0372264 A1Published application

Contemporaneous transaction authorization and tax deductibility identification

AssigneeBank of America Corporation

InventorsGlenn M. Grossman, Kevin Perry, Katherine Dintenfass, Elizabeth S. Votaw

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Abstract

A request to authorize a financial transaction for a customer of a financial institution may be received from a point of sale device. The request may include transaction information indicating a merchant associated with the point of sale device and/or a nature of one or more goods or services associated with the financial transaction. An account of the financial institution associated with the customer of the financial institution may be identified. The financial transaction may be authorized. Contemporaneous to authorizing the financial transaction, a determination may be made that at least a portion of the financial transaction may qualify as a tax deductible expense for the customer of the financial institution. The determination may be based on the transaction information indicating the merchant associated with the point of sale device and/or the nature of one or more goods or services associated with the financial transaction.

Claims20

Dependent claims

A method performed at least in part by a computing platform associated with a financial institution, said computing platform comprising at least one processor, a memory, and a communication interface, the method comprising:

receiving, via the communication interface and from a point of sale device, a request to authorize a financial transaction for a customer of the financial institution, wherein said request comprises transaction information indicating at least one of a merchant associated with the point of sale device or a nature of one or more goods or services associated with the financial transaction;
identifying, by the at least one processor, an account of the financial institution associated with the customer of the financial institution;
authorizing, by the at least one processor, the financial transaction for the customer of the financial institution;
contemporaneous to authorizing the financial transaction for the customer of the financial institution, determining, by the at least one processor and based on the transaction information indicating the at least one of the merchant associated with the point of sale device or the nature of the one or more goods or services associated with the financial transaction, that at least a portion of the financial transaction may qualify as a tax deductible expense for the customer of the financial institution;
and
indicating, by the at least one processor and in one or more records of the financial institution that are associated with the account of the financial institution associated with the customer of the financial institution, that the at least a portion of the financial transaction may qualify as a tax deductible expense for the customer of the financial institution.

3 more elements

An apparatus, comprising:

at least one processor;
and
a memory storing instructions that when executed by the at least one processor cause the apparatus to:
receive, from a point of sale device, a request to authorize a financial transaction for a customer of a financial institution, wherein said request comprises transaction information indicating at least one of a merchant associated with the point of sale device or a nature of one or more goods or services associated with the financial transaction;
identify an account of the financial institution associated with the customer of the financial institution;
contemporaneously authorize the financial transaction for the customer of the financial institution and determine, based on the transaction information indicating the at least one of the merchant associated with the point of sale device or the nature of the one or more goods or services associated with the financial transaction, that at least a portion of the financial transaction may qualify as a tax deductible expense for the customer of the financial institution;
generate a notification indicating that the at least a portion of the financial transaction may qualify as a tax deductible expense for the customer of the financial institution;
and
communicate the notification indicating that the at least a portion of the financial transaction may qualify as a tax deductible expense for the customer of the financial institution to a user device associated with the customer of the financial institution.

6 more elements

Dependencies are inferred from the claim text.