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Let’s face it: Tax season isn’t fun. But there are certain things you can do to make it a bit more bearable — like learning how to save some money through deductions.
For example, deducting tax interest accrued on credit card purchases can help reduce the taxes you owe. However, this only works for some purchases.
If you accrued credit card interest on personal expenses, your interest isn’t tax-deductible. But interest accrued on business expenses is tax-deductible. This often includes expenses for businesses, contractors and other self-employed individuals.
Yes, but you’ll need to calculate the amount of interest accrued to your business purchases. Since you’ll likely have both personal and business purchases on your credit card, calculating interest could be a hassle.
If you use your credit card for personal expenses, your card fees aren’t tax-deductible. But if you use your credit card for business expenses — you can get tax deductions on most of your credit card fees. That’s because you can generally deduct any necessary expense used for earning income.
The following are credit card fees that may be tax-deductible, but check with a certified tax consultant to verify what is deductible for your business:
Note: If your business accepts credit card payments, you can get a tax deduction for fees charged by your payment processor.
To deduct your credit card fees, you need to:
Separating your business and personal expenses is one of the best ways to simplify the accounting process for tax deductions. If you don’t have a business credit card yet, consider applying for one. Check out the list of business credit card options in the list below.
Interest accrued on your business purchases — whether it be on a personal or a business credit card — is tax-deductible. If you use a personal credit card for your business expenses, you’ll need to calculate the interest on your business purchases yourself.
To simplify the process, consider applying for a business credit card and to help separate your personal and business expenses.
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