Question : If small biz charged expense to visa in Dec 07 & actually pay bill in Jan 08 which year do I deduct cost?
If for my small business I charged an expense to my visa/credit card in Dec 07 & actually pay bill in Jan 08 which year do I deduct cost on my taxes/Schedule C? Is it up to me?
- asked by Green L
All Answers:
Answer #1
2007
- answered by aplusbks
Answer #2
If you are a "cash based" taxpayer, paying withVisa counts as having paid it in cash.
- answered by v b
Answer #3
it would be the year the charge was made. becauseonce you charge it. the credit card companyactually paid that charge in 2007 not 2008. formore tax questions please check out www.irs.gov.because a lot of things have changed.
- answered by msrobinhood
Answer #4
If you charge an expense to a credit card, that'sconsidered paying it for tax purposes, so you'dtake the expense for 2007.
- answered by Judy
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