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Can I deduct the payments I've made from my business bank account to the business credit card with business expenses on it?
I had about $11,000 business credit card balance that I paid off from my business bank account in 2016. Is the $11,000 payment deductible if all expenses on the card were business expenses? What tax line item would that be considered?
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Can I deduct the payments I've made from my business bank account to the business credit card with business expenses on it?
No. You just enter the actual expenses you paid when you charged it. Not the credit card payment. That would be deducting the expenses twice.
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Can I deduct the payments I've made from my business bank account to the business credit card with business expenses on it?
No. You just enter the actual expenses you paid when you charged it. Not the credit card payment. That would be deducting the expenses twice.