I have only one question, and it's about when I can deduct credit card payments or expenses placed on my card.
Details:
I bought a camera body in Nov 2019, for my photography business.
Through Dec 2019 - Aug 2020, I intend to make payments on that card.
Can I count the payments made in 2020 as an expense for the 2020 tax year, or do I have to count the entire cost of the camera body as an expense for the 2019 tax year? Assume that I want to deduct rather than depreciate.
I just called the IRS, and they're unwilling to answer business tax questions. Or at least, my question? So, here I am.
Details:
I bought a camera body in Nov 2019, for my photography business.
Through Dec 2019 - Aug 2020, I intend to make payments on that card.
Can I count the payments made in 2020 as an expense for the 2020 tax year, or do I have to count the entire cost of the camera body as an expense for the 2019 tax year? Assume that I want to deduct rather than depreciate.
I just called the IRS, and they're unwilling to answer business tax questions. Or at least, my question? So, here I am.
