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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?

 
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Accepted Solutions
MinhT1
Expert Alumni

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?

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.

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2 Replies
Anonymous
Not applicable

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?

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. 

MinhT1
Expert Alumni

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?

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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