Can I Write Off Credit Card Interest on My Taxes?

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Can I Write Off Credit Card Interest on My Taxes? – This is a place for the community to provide tips and advice on Can I Write Off Credit Card Interest on My Taxes?. This topic was created by Elissa Guner and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Tip 1 - 3 Tax Deductions You Can Never Take

Published: 9 years, 4 month(s) ago | Submitted by psh 1675 | permalink

I spent a fair share of my mid-twenties lugging around a two-volume set of the Internal Revenue Code to class every day (picture a small woman with two encyclopedia-sized bricks on the subway), so I know first hand just how overwhelming our tax laws can seem.

For further reading: http://www.wisebread.com/3-tax-deductions-you-can-never-take ^[1]

Tip 2 - Five Tax Deductions You Never Thought About

Published: 9 years, 4 month(s) ago | Submitted by Hanne Stokbro | permalink

Many people don't realize that an old sweater in the closet or even that used sedan in the driveway can reap major tax benefits. There are many tax deductions you may have overlooked that are laying around the house or while performing your day-to-day activities.
Tags: Five Tax Deductions you never thought about,legalzoom,Personal Taxes,Taxes

For further reading: https://www.legalzoom.com/articles/five-tax-deductions-you-never-thought-about ^[2]

Tip 3 - Are Business Credit Card Payments a Deductible Tax Expense?

Published: 9 years, 4 month(s) ago | Submitted by Gloria Dittus | permalink

Credit card payments can be one of your biggest monthly business expenses. But if you're thinking about using them as one huge tax write-off, think again. Credit card payments are really loan ...

For further reading: http://smallbusiness.chron.com/business-credit-card-payments-deductible-tax-expense-62397.html ^[3]

Tip 4 - The Loan Interest You Can—And Can’t—Deduct on Your Taxes

Published: 9 years, 4 month(s) ago | Submitted by Trish Oldieslady | permalink

The tax code permits deductions only for certain varieties of interest, which taxpayers should consider when they are taking on debt or choosing which loans to pay off first.
Tags: itemized deductions,tax deductions

For further reading: http://blogs.wsj.com/totalreturn/2015/02/19/the-loan-interest-you-can-and-cant-deduct-on-your-taxes/ ^[4]