purchase date vs posted date to determine the tax year

As the self-employed, I paid the certain amount for some service which I want to claim for tax deduction.

I paid it using my credit card.

This transaction has Dec 30 2021 as the purchase date, but Jan 3 2022 as the posting date.

Can I use it for tax year 2021 deductions?

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1 Best answer

Expert Alumni

Mar 5, 2022 11:20:12 AM

Yes, the date you use the credit card (12/30 in your example) counts as the purchase date for business expenses for tax purposes.

Expert Alumni

Mar 5, 2022 11:20:12 AM

Yes, the date you use the credit card (12/30 in your example) counts as the purchase date for business expenses for tax purposes.