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Starting Your Business/Keeping Tax RecordsWhat are Business ExpensesBusiness InterestInterest is the amount charged for the use of borrowed money. You can generally deduct all interest you pay or accrue during the tax year on debts related to your trade or business. To take the deduction, you must have a true obligation to pay a fixed or determinable sum of money. No deduction is allowed for interest paid or accrued on personal loans. If a loan is part business and part personal, you must divide the interest between the personal part and the business part. Interest
You Can Deduct Important References Publication
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