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eviebd
New Member

How do I enter business self employed credit card debt liability in this year's tax return as a debt to pay off in the following years?

credit card debt this year to be paid & deducted in following years
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Cattlerancher
New Member

How do I enter business self employed credit card debt liability in this year's tax return as a debt to pay off in the following years?

If you are using the cash method of accounting (which most sole proprietors use), when you agree to purchase an item (a credit card purchase) you enter that expense to your business in that year. You cannot enter the entire credit card debt as one entry. Most business credit card purchases will be entered as expenses to your business. Some may be depreciating assets or improvements. The interest you pay on the business purchases are also an expense to your business.

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