Year-end Tax Planning with Credit Card Charges

For Charges that you make with a Retail Store credit card, you are allowed to claim the deduction for the item only in the tax year in which you pay the bill.  For transactions made with a Bank credit card, you take the deduction in the tax year that you charged the goods, even though you pay the bill next year (2010)

PostHeaderIcon It’s Not What You Earn, But What You Keep, After Taxes.™
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