as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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deductible expenses paid with credit card: in which tax year would they fall?
user
being a professional auditor and accountant, deduction against expenses are claimed in the year in which expenses has been incurred. it has no relationship with when it is paid. for example, we may buy on credit does not mean that they will be allowed in the period in which it is paid. this is against the fundamental accounting principles.
assistant