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Yahoo Answers! Business Credit This is a RSS feed for Topics from Yahoo Answers! That pertain to establishing Business Credit general business credit questions and answers. Feel free to discuss this in the Business credit discussion Forum. MEMBERS WITH THE DESIGNATION Powered by Yahoo! Answers under their names ARE BOOTS FROM YAHOO ANSWER...! NEW THREADS MUST BE STARTED ON REGULAR FORUMS, MEMBERS ARE HOWEVER ABLE TO ANSWER OR PARTICIPATE WITH CURRENT THREADS...

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Old 10-26-2007, 09:26 AM   #1 (permalink)
John S
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I use my credit card for business. I want to be able to claim the yearly amount in my...

...taxes. Is there a way? can I claim the annual business amount on my taxes by getting a business credit card?
 
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Old 10-26-2007, 09:26 AM   #2 (permalink)
PepsiLime
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annual business amount of what? If you have a credit card that you use for business expenses, then the business expenses are deductible as business expenses. You could also have a personal credit card that you use for business purposes as well, and the business expenses would still be deductible expenses.
 
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Old 10-26-2007, 09:26 AM   #3 (permalink)
stoppdemadness2003
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Yes you can but if you get greedy and writ off your personal items as work related, the IRS will eventually catch on and you will be paying it all back.
 
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Old 10-26-2007, 09:26 AM   #4 (permalink)
hirebookkeeper
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Be sure to get a separate card and use it only for business. Keep your receipts too, if you get audited they will ask for receipts.
 
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Old 10-26-2007, 09:26 AM   #5 (permalink)
Sean M
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yes just dont go too mad with indulging in non business expences and try get reciepts
 
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Old 10-26-2007, 09:26 AM   #6 (permalink)
bostonianinmo
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The yearly amount of what?

The interest is deductible as a business expense. Late fees, over limit fees, etc. are not deductible.

Make SURE that it is used ONLY for business purposes!
 
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Old 10-26-2007, 09:26 AM   #7 (permalink)
*dream police*
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just don't get caught up like so many others do and lie to the FEDS/IRS they will find out and come after you!
 
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Old 10-26-2007, 09:26 AM   #8 (permalink)
*dream police*
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just don't get caught up like so many others do and lie to the FEDS/IRS they will find out and come after you!
 
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