May 09th, 2016
TAX TIP OF THE DAY... deduct credit card interest
For business and rental property owners...
Interest on business debt is fully deductible, unlike personal credit card interest. Therefore, when you are short on cash, charge to purchase business items and pay cash for personal items. Use a separate credit card for business so you don’t mix business and personal charges on the same card.
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If you need tax help... www.baboiancpa.com
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David S. Baboian, CPA