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x-posted to tax board...


Tax question related to business related interest expenses.

I have a sole proprieter small business. It is a trucking / hauling / odd jobs type of business. I've had it going for a few years, but it never really took off. This year I have really started to throw some money at my business and try to make something out of it. Towards that end I'm accumulating some debit in the hope that spending a little now will help me make more later.

For instance: I had a dump body installed in my truck, and I soon will need to have a snowplow & sander installed. I don't have the cash on hand to pay for these items, I've been charging them on a credit card. It's a card in my personal name, not the business (I haven't applied for a business CC because I didn't think they would touch me since my business has been less than successful to date). But it is a clean card. I use it exclusively for business related expenses, no personal. And the business is sole prop...soooooo....

Also, soon I may have to buy (finance) a newer (not new) truck to use, but may have to personally finance the thing as opposed to being ablt to finance it under the business.

Now for the question, Is any of this interest deductible? If it makes a difference I pay the credit card bill out of my business checking account.

Thanks, and sorry for being longwinded about it. I probably made all this sound more complicated than it is.

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