{"id":194924,"date":"2019-08-08T07:32:41","date_gmt":"2019-08-08T14:32:41","guid":{"rendered":"https:\/\/www.nationalfunding.com\/blog\/?p=194924"},"modified":"2023-11-01T08:33:09","modified_gmt":"2023-11-01T15:33:09","slug":"credit-card-interest-tax-deductible","status":"publish","type":"post","link":"https:\/\/www.nationalfunding.com\/blog\/credit-card-interest-tax-deductible\/","title":{"rendered":"Is Credit Card Interest Tax Deductible?"},"content":{"rendered":"

Credit card interest is tax-deductible, but only if the charges that accrued interest were business expenses. Is credit card interest tax deductible if the charges were personal expenses? Unfortunately, no.<\/p>\n

To deduct credit card interest, these qualifications must be met:<\/p>\n

    \n
  1. The charges on the card must qualify as business expenses according to IRS<\/a> rules.<\/li>\n
  2. You must be responsible for the debt.<\/li>\n<\/ol>\n

    \"Business<\/p>\n

    Small business expenses and tax deductions are often closely related, and credit card interest on business expenses isn’t the only interest that’s tax-deductible. You can also claim interest paid on small business loans<\/a> as a tax deduction. If you take out a small business loan<\/a> to access working capital or invest in new equipment, for instance, the interest you pay can be subtracted from your taxable income.<\/p>\n

    Though whipping out the credit card can be a quick way to purchase what you need, you may eke out more favorable terms by working with a small business lender that can get to know your business personally.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Is credit card interest tax deductible? If you own a small business, the answer may be yes.<\/p>\n","protected":false},"author":12,"featured_media":194922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[96,100,65,115],"class_list":["post-194924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxes-regulations","tag-inventory-management-tools","tag-retail","tag-tax-advice","tag-tax-deductions-for-small-business"],"yoast_head":"\nIs Credit Card Interest Tax Deductible?<\/title>\n<meta name=\"description\" content=\"Is credit card interest tax deductible? 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