What can I expense? Credit card balance, or amount I've paid towards credit card
10-03-2012 09:22 PM
My husband has a small side LLC that he uses for freelance work. I manage the accounting with the assistance of TurboTax.
Back in April we opened a Comerica Business credit card that offered 0% interest for 12 months. Previously we used a personal credit card that we kind of "isolated" for business-only expenses, and always paid in full each month. Since this card offers an intro rate, we've run a balance...
Dumb question, if I don't pay off the full balance in 2012, would I only be able to expense the amount that I've paid off on the credit card this year, or would I be able to expense all 'charges' on the card from 2012? It seems that it would have to be the former, but just checking. I've never had had anything on credit for the business, so I'm just a little unsure of how to do it since we may run a small balance (< $2,000) into 2013.