Is credit card interest deductible for business

If you are a small business owner, then you are more than likely quite aware of the costs associated with running your business, making payroll and the day to day necessities that may need to be purchased right then, right now. For many small business owners, the idea of being cash strapped has led them to use credit for many, many purchases and sometimes even to pay their employees if things get stretched a bit thin during any given week.

Often times, these small business owners will use their personal credit cards to achieve these goals without giving it a second thought. If you are one of these small business owners, you should seriously consider getting one of the best business credit cards on the market today.

As with personal credit cards, credit cards that are geared towards small businesses can vary from one card to the next... you can find rewards cards, fixed interest rate cards and cards that have a 6 to 12 month introductory APR (annual percentage rate) that is often lower than their competitors. These are reasons enough to choose one of the best business credit cards to supply a line of credit for your business whenever you may need to tap in to it. Additionally, there are other benefits that are just as important. For example, by using your personal card for small business purchases, you could be missing out on a lot of deductions during tax time by not properly separating your business purchases from your personal purchases.

By having a business credit card, you will often receive an end of the year tax summary that tells you where (as in what category your purchases were made) you spent your money and how much you spent, you can then use these numbers to plug right in on your tax return. Of course, you will want to check with a tax adviser to see which amounts are tax deductible.

The above are many of the more popular reasons small business owners choose the best business credit cards to use in their jobs. Anyone who owns their own business should have at least two small business credit cards at their disposal so they can cover anything unexpected that may come their way.

Article By Louis, CardKudos[dot]com