Credit Card = valid business spending?

[jamesyap]

When dealing with online business, we spend a lot using credit cards. So, when doing the account, is it a valid transaction (expenses)? I don't have a credit card, so I am using my family's card, does this count? Any problems in the future with the account?

[Brett_Tabke]

Absolutely. Be sure to print out the receipt and save for tax purposes.

[vibgyor79]

The tax sharks in my country MAY not understand credit card transactions - that's what my tax consultant said. I may need to take printouts of all my online transactions. For example, whenever Google or Overture or FindWhat bills me, I immediately go online and take a printout of the receipt.

PROBLEM: Everything is in dollars!

All the expenses I incur through my credit card are converted from USD to local currency and I pay in local currency.

I think I will have a heck of time with the tax sharks.

I also need to prove that the dollar expenses incurred on my credit card are "business related". Yeesh! How do I do that? Suppose I promote an affiliate program using Google AdWords, I need to prove that I incurred the marketing expenses for the promotion.

[jamesyap]

Yep, the problem is with adwords and overture spending. Somemore I am not using my own credit card!

Do we need to photocopy the checks or we use the final bank slip?

I thought all the currency convertion has been done all in the credit card slip?