As a fulltime trader is it true that you can deduct interest charges on loans/credit cards towards business expenses?...I presume it is true since it is in IRS tax code...Does anyone have any experice with this??
Topgun, I see no problem with deducting the interest on credit cards for business expenses. However, I would suggest that if you use the card that you only use it for business. Consider perhaps using a transfer check to open a new card for "business balance." The reason I say this is after the first month the balance becomes a moving target and it would be a real PITA to break out the interest at the end of the year.