How do I file the line of credit payment on my business tax return?
Jul 31, 2009
in
Business Line Of Credit
We paid off a line of credit loan from some of our business income last year. Where do I record this in my business tax return? FYI, it is an S Corporation.
Thanks.
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One comment
bostonianinmo on July 31, 2009 at 4:44 am
You expense the interest that you paid. Principal paid is not a deductible expense, it just reduces your liabilities.