2007-06-10 18:29:04 · 4 answers · asked by DeWayne 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
The interest paid is taxable income. If you're a sole proprietor it's a moot point as it all winds up on the same tax return.
2007-06-11 00:43:54 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 1⤋
No, repayment is not taxable, you just have to show this on your books correct way. This loan should be in a book as a company liability to you. Than you OK.
2007-06-10 18:40:45 · answer #2 · answered by reality 6 · 0⤊ 1⤋
If you have lent under $10,000 to your business then you do not have to have the business pay you interest on the loan. If you have lent the business more than $10,000 then you either have to have the business pay you interest, or you can calculate "imputed interest" on the loan using information established by the IRS.
2007-06-11 03:27:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They should not be. But I wouldn't ask any of the crooks at IRS or most of their certified CPA's. They would probably tell you they are.
2007-06-11 05:52:29 · answer #4 · answered by Anonymous · 0⤊ 1⤋