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Level 1
March 9, 2022
Question

Expense Question

  • March 9, 2022
  • 1 reply
  • 3 views

Hello!

 

I purchased a professional certification for my business in 2021. The total price was about $1698 and I made a payment plan. Would that full price count as an expense for 2021 even though it was a loan, or would the total sum of the payments made toward the principal be determined as the expense for 2021?

 

Thank you very much! 

 

 

    1 reply

    Level 15
    March 9, 2022

    You can deduct the entire amount as a 2021 business expense. You can deduct the interest you pay on the financing as you pay it.

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