Re: What can I expense? Credit card balance, or amount I've paid towards credit card
10-08-2012 11:31 AM
That actually is
Right. If you haven't paid for it, you can't deduct it using the cash-basis.
not 100% correct. The IRS assumes that once an item is paid for on a credit card it is, at that point, paid for.
Amex BCP $24,900; Chase Sapphire Preferred $24,200; Chase Marriott $20,000; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Capital One Venture $15,000; Amex SPG Biz $3,000; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $8,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $15,000; US Bank PLOC Overdraft $1,500; US Bank Perks+ Visa Signature $8,600; US Bank Edge Rewards Business $10,000; PenFed PLOC $5,000