l have used about $60,000 in cash advances to fund my business from my personal credit cards. Can l deduct the interest as tax deductible on my taxes?

Yes, as long as you can prove that is what the money went for. l hope you are using an accountant for this type of filing.

As long as you can trace the interest to your business, yes. And if you have any personal charges on those cards, the interest is deemed personal before business.

Helen, EA in PA

Technically not, but you can consider the cash advance a loan to your business and deduct the interrest that the business pays back to you as a deduction. Consult you tax person for details.

Assuming u r incorporated, if the credit cards were in ur personal name & not the business' name, the interest is a personal expense & not business deductible. However, if u were to treat the advance as a stockholder loan on the company is books & simply increase the payable amount as the interest becomes due personally, u can recognize it as a business expense, assuming all of the cash devoted to the business is business-related.

As always, consult ur tax advisor before filing ur return using the above advice.

Yes, it can be done if you can show the expenses of your money, good luck