Loan/Tax Help

[coolmc11]

few questions if anyone can help...


A Family member took a loan out for me to begin the business, how do I accept the money from them for tax purposes.

I am paying them the monthly payment I am trying to figure out how to claim it for the business instead of them.

How much will an accountent roughly cost me for starting out.

[down to earth lawn]

An accountant shouldn't be more than a few hundred dollars a year to advise and fill out taxes. On the loan. I don't think the loan itself can be claimed. You can claim every penny you spend to operate your business. I am not an expert on this, I let my accountant handle all my tax issues. Keep a paper trail of all money borrowed and used. I hope that helps a little.