Interest and Taxes

(Some examples of deductions)

Interest:

• 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

Taxes:

• 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.