Re: What can I expense? Credit card balance, or amount I've paid towards credit card
10-08-2012 04:37 PM
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.
Wait... really?? Now I'm confused.
It doesn't seem likely to me that the IRS would allow expenses to be written off prior to being actually paid (as in, expensing a balance left on a credit card).
I think this simplifies it.
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