Interest and Taxes
(Some examples of deductions)
- Business Credit Card interest is fully deductible.
- Interest on business loans or lines of credit on business-related computer equipment and/or operating revenue related to a business expansion
- Real estate and personal property taxes on business assets.
- Social Security and Medicare taxes paid to match required withholding from your employees wages.
- Contributions to State unemployment insurance fund.
- Federal unemployment tax paid.
- Federal highway use tax.
For tax purposes, interest & taxes are recorded on IRS Form 1040 Schedule C if you operate as sole proprietor or as a single member of an LLC.