can I claim the annual business amount on my taxes by getting a business credit card?
2007-09-26 00:57:54 · 6 answers · asked by John S 1 in Business & Finance ➔ Taxes ➔ United States
annual business amount of what? If you have a credit card that you use for business expenses, then the business expenses are deductible as business expenses. You could also have a personal credit card that you use for business purposes as well, and the business expenses would still be deductible expenses.
2007-09-26 02:45:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The yearly amount of what?
The interest is deductible as a business expense. Late fees, over limit fees, etc. are not deductible.
Make SURE that it is used ONLY for business purposes!
2007-09-26 01:39:36 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Yes you can but if you get greedy and writ off your personal items as work related, the IRS will eventually catch on and you will be paying it all back.
2007-09-26 01:02:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Be sure to get a separate card and use it only for business. Keep your receipts too, if you get audited they will ask for receipts.
2007-09-26 02:05:58 · answer #4 · answered by hirebookkeeper 6 · 1⤊ 0⤋
yes just dont go too mad with indulging in non business expences and try get reciepts
2007-09-26 01:00:50 · answer #5 · answered by sean m 3 · 0⤊ 0⤋
just don't get caught up like so many others do and lie to the FEDS/IRS they will find out and come after you!
2007-09-26 01:06:28 · answer #6 · answered by dreampo 4 · 0⤊ 0⤋