Loan/Tax Help

Discussion in 'Business Operations' started by coolmc11, Nov 7, 2007.

  1. coolmc11

    coolmc11 LawnSite Member
    Posts: 18

    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.
     
  2. down to earth lawn

    down to earth lawn LawnSite Member
    Posts: 10

    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.
     

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