Question

Jordan operates a consulting business. He uses his personal credit card for both business and personal uses. The total finance charges paid for the year were $942. Jordan's total business charges on this card were 37% of all charges. What amount of interest expenses can be deducted on Jordan's Schedule C?

Answer 1

The amount of interest expenses can be deducted on Jordan's Schedule C is $348.54

Step-by-step explanation:

Allowed expense = $942*37%

= $348.54

Therefore, The amount of interest expenses can be deducted on Jordan's Schedule C is $348.54