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How about if I paid off credit cards with a big balance. Can I deduct that?
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June 1, 2019
4:02 PM
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Credit cards used for business transactions are expenses and deductible when you purchase the items.
Paying off the balance is not deductible.
June 1, 2019
4:02 PM
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We settle a debt we had with a business card we used for office supplies. I am entering the 1099C which shows the amount of the debt "discharged" but should the debt paid be allocated as Office supplies?
July 25, 2019
11:45 AM