Can you deduct the interest that the IRS is charging you on a payment plan from your taxes?
2007-03-21 06:04:22 · 3 answers · asked by Alan W 2 in Business & Finance ➔ Taxes ➔ United States
No you cannot. It is not a interest deductible loan.
2007-03-21 06:07:23 · answer #1 · answered by jchutch2005 1 · 3⤊ 0⤋
No. Interest charged on a personal payment plan is personal interest, and therefore non-deductible.
Same thing applies to interest you pay on credit cards. Personal interest - non-deductible.
If, however, the interest is charged to a business, other than a Schedule C,
such as a corporation or LLC, it is deductible as an ordinary business expense.
2007-03-21 06:10:56 · answer #2 · answered by bold4bs 4 · 2⤊ 1⤋
No. It is considered personal interest the same as credit card interest or car loan interest.
2007-03-21 07:06:36 · answer #3 · answered by Wayne Z 7 · 2⤊ 0⤋