The Perfect Debt To Have During Tax Season

Credit Cards

Credit cards may be a good debt to have depending on the items you bought with them. In general, consumer products are not good debt, and they cannot be taken away from your taxable income during tax season. However, if you own a business, you may be able to deduct what you buy on a credit card from your taxable income.

You do not necessarily have to be a corporation to deduct expenses as a business. All you really need is a "profit motive," and you can buy many things, including things otherwise considered consumer items. For instance, if you take a trip meant for business and buy meals during that trip, you may be able to deduct the cost of plane tickets, hotel stays, seeing a show, and bringing back gifts for family from your taxable income.

Continue reading to reveal the benefits of school loans during tax season.