I know that charitable contributions made by credit card charge by 12/31 are deductible in the year charged, even if the credit card bill is paid in the following year.Is the same true for business expenses? (I am a Schedule C sole proprietor on cash basis.) For example, if I charge a business publication on 12/15/00 but do not pay the charge until 1/20/01, which year is it deductible?If I WANT to defer deductible business expenses into taxable year 2001, can I charge expenses in August through December, but not pay off the credit card bill until January, 2001? (I'll just pay the minimum amount to keep the credit card company happy. The interest cost for a few months is much less than taxes saved from my proposed deferral strategy).
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra