Are the costs of business credit tax deductible?
Answer :
Yes, the costs of business credit can be tax deductible. You should consult your tax attorney for more detailed information, but interest and finance charges incurred on your business account are tax deductible. This is an important distinction between business credit and personal credit, and is one of many reasons why it is in your best interest to separate your business expenses from your personal expenses.
Provided by: First Equity
First Equity is a leading credit card provider specializing in the provision of bankcards to the nation's small businesses.
Provided by: First Equity
First Equity is a leading credit card provider specializing in the provision of bankcards to the nation's small businesses.
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Related questions
What are the advantages for maintaining business credit separate from personal credit?
Do I need an EIN or federal tax ID number in order to get credit in the name of my business?
Can I give my employees access to a business line of credit controlled by me as the business owner?
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