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chantellemoline
February 8, 2023
Question

(For Self Employment Tax Returns) Under what EXPENSE category would SBA loan payments be put under?

  • February 8, 2023
  • 1 reply
  • 0 views
I began repaying my SBA EIDL loan back last year and I'm not sure what Expense category those payments would fall under?

1 reply

J
JamesG1
February 8, 2023

Loan repayment is not a deductible expense, it reduces a loan balance on the balance sheet.

 

What you used the loan funds for might be. If your loan was used to purchase new equipment or real property, you may be able to deduct those items as business expenses on your taxes.

 

Interest paid on a business loan is typically a tax deduction for your business.

 

@chantellemoline 

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