Hi all. With self-employment and "banking fees and interest," does it specifically have to be a "business account" or can I use my personal line of credit / credit card?

I pretty much live off the LOC and CC, but it's not a ton of interest and fees I'm talking about. I don't want to incur the tax *** wrath if it's not supposed to be declared. Thank you.

3536

Moderator

Apr 27, 2024 4:02:45 PM

If you are using your personal credit/line of credit for business, you can still claim banking fees and interest, but only on your business related expenses. So you would have to figure out which portion of the banking fees/interest is business related to be able to claim it.

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Hi all. With self-employment and "banking fees and interest," does it specifically have to be a "business account" or can I use my personal line of credit / credit card?