lilcupcakes09 06:26 PM 02-22-2015
Should I be claiming the interest on my credit cards that I made purchases for daycare things for? Will it really make all that much of a difference? Just seems like this may be a huge hassle to figure out...
TomCopeland 10:21 PM 02-22-2015
Originally Posted by lilcupcakes09:
Should I be claiming the interest on my credit cards that I made purchases for daycare things for? Will it really make all that much of a difference? Just seems like this may be a huge hassle to figure out...
Yes, you can deduct the business portion of credit card interest. Add up all the credit card purchases. Add up the 100% business items. Add up the shared items and multiply them by your time-space % and then add this to the 100% items. Divide this new total by the total purchases to determine the business portion of all the purchases. Multiply this percentage by the total credit card interest and deduct it on Schedule C.