I operate a sole proprietorship. Can I deduct the interest I pay on my business credit card?

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I operate a sole proprietorship. Can I deduct the interest I pay on my business credit card? Where would that amount go on Schedule C? This is for an office supply company credit card.
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Monday, December 1st, 2008 at 10:08 am. Posted in Business Credit Card. Tags: , , , , . You can follow this web articles through the RSS 2.0 feed.

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3 Responses to “I operate a sole proprietorship. Can I deduct the interest I pay on my business credit card?”

  1. Yes you can deduct interest on your business’s credit card used only for business purposes.

    There is a line for “other interest”. It was 16b last year.

  2. Here here on the previous posters.

    You can either put it under Line 16B - Other Interest

    or

    you can put it in under Line 27 Other Deductions and call it Finance Charges on Part V Other Expenses.

  3. Yes if the amount you pay is for business related expenses.

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