Credit & Taxes

[Grayson L]

As a sole proprietor (mechanic) can I write off expenses such as parts and tools if I pay for them by credit card (or use vender credit) but have not paid the credit card yet?

[Critter-3 · Accepted solution]

Yes ... you can expense them the moment you have bought them and placed them into service EVEN IF  you never pay off the CC you put the purchases on.