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This would depend on where you live.
In the UK, if the items purchased on the credit card were purchased solely for the business then the interest paid to the credit card company until these items were paid off might be considered a business expense. Essentially the business would be paying the credit card company interest for loaning it the money to purchase the business items. In this case proof of the interest accrued should be retained for tax records in addition to the receipts for the items purchased.
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Can you write off credit card interest on your taxes?
Is there a way to write off credit card interest on corparation credit card?
What is the accounting journal entries for penalties and interest an taxes?
The accounting journal entries for penalties and interest on taxes will go in the debit and credit columns. You debit the expense account and credit the liability account until the penalties and interest is paid.
What happens if you claimed yourself and your parent claimed you as a dependent on taxes?
you will have to pay your own taxes not your parents.
How much do you get back in taxes if you claimed zero?
Claimed 0 what?
Can you file creditcards interest on your taxes?
can i file creditcards interest on my taxes
Can you write off credit card interest on your taxes?
Is there a way to write off credit card interest on corparation credit card?
What is the accounting journal entries for penalties and interest an taxes?
The accounting journal entries for penalties and interest on taxes will go in the debit and credit columns. You debit the expense account and credit the liability account until the penalties and interest is paid.
Can car loan interest be claimed when filing personal taxes?
No, car loan interest cannot be claimed when filing personal income taxes. One can, however, deduct some costs of upkeep (or mileage) if the individual can demonstrate that the car was used for business and that they were not reimbursed for such usage.
My son rents apartment in San Pedro. He is on the grant deed of my property. Can he write off my interest and taxes on my property in Fullerton How can he do it?
He can if he is paying them and you have not claimed them already on your taxes.
What happens if you claimed yourself and your parent claimed you as a dependent on taxes?
you will have to pay your own taxes not your parents.
How to cancel my tax credits?
I'm not sure what you're referring to, but tax credits are either claimed or not claimed.If you claimed a tax credit and have found out that you should not have claimed the credit, you should amend your tax return. You will owe interest on any taxes you have to pay back, but if you don't amend and you are audited and the credit is removed from your return you will have more interest than if you had paid sooner and you may have penalties as well.If you don't want to claim a tax credit that you are allowed to claim, then simply don't put it on your tax return. Although the taxing agency may adjust your return if they think you made a mistake, they usually won't add tax credits if you don't claim them because they can't tell if you're eligible or not.
Do you have to pay taxes on credit cards?
I'm just not sure what you mean. You don't buy credit cards. You buy things using them. The things you buy using them may or may not be taxable...the method of paying for them makes no difference.
How much do you get back in taxes if you claimed zero?
Claimed 0 what?
Can you file creditcards interest on your taxes?
can i file creditcards interest on my taxes
Can I claim taxes if I only made 1500 and have a child?
Taxes are supposed to be something you pay but in your case the answer is yes. If you have a child that is yours you can receive Earned Income Credit as long as no one has claimed you or your child on their return and if you meet the requirements.
When applying for a student loan are you an independent since your grandmother claimed you on taxes?
If you were claimed by your grandmother on her income taxes that would classify you as a dependent.
Paid cash for your home 119271.71 where does this amount go on your taxes for 2007?
Purchasing a house is not tax-deductible.You can deduct mortgage interest (which you do not have) and property taxes. If you received a property tax credit from the seller, which appears on the settlement sheet from your closing, you must net that against any taxes you paid during 2007. If there was any credit for taxes due in 2008, net that portion of the credit against property taxes you pay in 2008 to figure your deductible portion.
