Joseph operates a consulting business. He uses his personal credit card for both business and personal use. The total finance ch arges paid for the year were $957. Joseph's total business charges on the card were 41% of all the charges. What amount of interest expense can be deducted on Joseph's Schedule C
1 answer:
Answer:
$392.37
Step-by-step explanation:
Data provided in the question:
The total finance charges paid for the year = $957
Joseph's total business charges on the card = 41% of all the charges
Now,
The amount of interest expense can be deducted on Joseph's Schedule C will be the Joseph's total business charges on the card
Therefore,
The amount of interest expense can be deducted on Joseph's Schedule C
= 41% of $957
= 0.41 × $957
= $392.37
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