topic When I purchase small supplies on a credit card do I put it as an expense when I purchase it and just add the interest as an expense each month? in Get your taxes done using TurboTax

When I purchase small supplies on a credit card do I put it as an expense when I purchase it and just add the interest as an expense each month?

newmanfam1975 — Fri, 27 Mar 2020 18:41:46 GMT

Re: When I purchase small supplies on a credit card do I put it as an expense when I purchase it and just add the interest as an expense each month?

Anonymous — Fri, 27 Mar 2020 18:55:01 GMT

yes when you put them on your credit card. if you card is used only for business purposes all the interest is deductible. if not then post back.

Re: When I purchase small supplies on a credit card do I put it as an expense when I purchase it ...

MinhT1 — Fri, 27 Mar 2020 18:58:00 GMT

When you pay a business expense by credit card, the business expense is considered paid on the day of purchase. In your case, the small supplies can be claimed when you purchase them.

If you use your credit card only for your business, any interest is also deductible.