Ah, the joys of credit cards. They play havoc with the IRS notions of "accrued" accounting versus "cash".
But generally speaking, business expenses are tied to their receipts. The IRS presumes that you accepted responsibility for paying the item on the day your card was swiped at the register. The only thing that your business is allowed to deduct later is the interest you're paying the credit card company. I've not yet seen the IRS try to tie credit card *payments* to the tax year, they are always only looking for the date the transactions posted to the card.
Welcome New User! ( Create Account | Sign In )
This Question has not been awarded yet.
Question
Submitted 15 days ago...
Answers
Answer 1 / 1 -
Submitted 14 days ago...
Answer This Question Now
Business Credit Card
If your Answer is chosen as the “accepted” answer, you will earn ongoing royalties on
this thread.
Simply type your Answer in the box below and post your answer.
Related Questions
Credit card payoff
Last year was rough. I have a business and my son used to work for me but he was stealing company checks and using the company credit card. Becasue it was in my name the credit card company said it was my problem....
Credit card
Can a credit card company sue you for interest after a card is canceled. we are making payments but the interest keeps adding up and we are not getting ahead.
Credit card
Im asking in reference for my boss who signed a credit card contact and failed to apeartly read the fine print, he swares up and down that the person helping him stated over the phone it was a 7.0 fixed percent...
Going From Sole Proprietorship to C-Corp: Will credit card debt collections go after the newly incorp biz or just stick with ...
I started a sole proprietorship business in 2006 and had 4 business credit cards for the business. I encountered some financial problems and was unable to pay the credit card bills since about April 07. The...
Can I repair a score that is low because of a business card?
I was the ED of a nonprofit. The business credit cards were in my name. The bookeeper did not pay on time. MY credit is nowterrible. Do I have any recourse?
Overview |
FAQs |
Contact Us |
Member Agreement |
Privacy Policy |
Site Map |
Partners
Copyright © WebAnswers 2009. All rights reserved.
