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26 December, 16:14

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?

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  1. 26 December, 17:06
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    The amount of interest expenses can be deducted on Jordan's Schedule C is $348.54

    Explanation:

    Allowed expense = $942*37%

    = $348.54

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