I operate a sole proprietorship. Can I deduct the interest I pay on my business credit card? Where would that amount go on Schedule C? this is for an office supply company credit card.
Here here on the previous posters.
You can either put it under Line 16B - other Interest
or
you can put it in under Line 27 other Deductions and call it Finance Charges on part V other Expenses.
Yes if the amount you pay is for business related expenses.
I operate a sole proprietorship. Can I deduct the interest I pay on my business credit card?
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If he is a sole proprietor with no employees, then there is no payroll to do! Instead of a normal paycheck, any money withdrawn from the business is considered a "draw" and not a paycheck, per se. Schedule C is the correct way to do things. There is a point where it would be beneficial to form a corporation, depending on the current profit level of the business and the tax laws in your state. Check with your accountant on that.
Customer Service Representative: TX-Houston, Office Supply Company in Southwest Houston seeks inside sales/custo...
The advantages for getting credit cards are discussed in your article thoroughly. Credit cards can help you though sometimes they can pull you down with debts. Capital One business credit card might be a good option instead of other cards.
I know most people would not ever consider buying slippers for their wife with the company credit card.
Well, a person with a sole proprietorship can deduct business expenses in the same manner as a corporation, so in this respect I do not see how a corporation is different from other businesses. What is the relationship between formally becoming a corporation and the tax liability attached to it? LLC taxes seem like more of a pay for what you get system, at least in the difference at face value..
But you don’t get up to work each morning motivated to enrich and delight the office supply company. Your motivation is to enrich yourself, and you pay the office supply folks because you can’t make money for yourself without business cards, envelopes, paper, etc..
... are all the delivery boys who work for our office supply company cuties? Srsly, I'd rob that cradle!
And are you building true relationships or just using your company credit card to avoid eating lunch alone or spending Happy Hour at the bar without a “Drinking Buddy”?
I purchase all our office supplies so, in conjunction with my office supply company, I try to purchased the most recycled and recyclable products…as well as turning off light in offices that aren’t being used.
Great idea! I would love to buy a Panther and keep it available for the grad students in my area. Imagine, a 1099 sole proprietorship, renting your extra car to whomever needs it.
I agree that discounts and the incentives are what to look for when thinking about getting a business credit card. Interest rates are high, so be careful and shop around before choosing one! Thanks for the informative information!
Let's say I have an office with 10 workstations. How do I upgrade? Do I have to create an iTunes account for each computer, and enter a company credit card number on each one? Can multiple iTunes accounts even share the same credit card number?
It is a sole proprietorship. Fill in everything you can, if it's zero, it's zero.
There should be laws against this. Not like the Obama's would follow em anyways. She wasn't elected...how come she can use the company credit card?
I inquired before at ICBC about getting a credit card and they said they would not issue credit cards to foreigners because they can not prevent you from leaving the country without paying your debt. The only way you a foreigner can get a credit card issued from a chinese bank is if your company/employer co-signs with you. So pretty much the only way you are getting a credit card in china as a foreigner is if you are getting a company credit card
Seriously Funny: Selling office supplies is a very serious business… well at least for an office supply company ...