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Credit Cards & Taxes - Hrm?
webguru_ac
subscriber Posts: 1
Hey All,
I was wondering something - My brother recently purchased quite a bit of equipment for his music production dream job, he did a lot of his purchases on a credit card. I heard this and I thought, well you are creating a business out of this and putting some of your startup costs on a credit card - can he take that off his taxes?
Since it's not money coming from his actual pocket does that change things? Been looking to find an answer and I'm not seeing anything exact.
I am probably looking at this wrong - I have a business and a business credit card and take that off taxes, however he is starting up and he used his personal credit.
Thanks for any advice or knowledge in the matter!
I was wondering something - My brother recently purchased quite a bit of equipment for his music production dream job, he did a lot of his purchases on a credit card. I heard this and I thought, well you are creating a business out of this and putting some of your startup costs on a credit card - can he take that off his taxes?
Since it's not money coming from his actual pocket does that change things? Been looking to find an answer and I'm not seeing anything exact.
I am probably looking at this wrong - I have a business and a business credit card and take that off taxes, however he is starting up and he used his personal credit.
Thanks for any advice or knowledge in the matter!
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