Can you write off a small business loan on your taxes?

Of course taxes and what is deductible and what is not is a little complicated. You can not write off the loan HOWEVER the purchases you make are eligible. Here is a list of what some of those eligible deductions would be:


Office supplies

Auto: you can make the purchase of a new car/work van a capital expense, after that you need to determine what percentage of your mileage is used for business. If you use your vehicle 50% of the time you can write off 50% of your vehicles incurred expenses (gas, maintenance, insurance, repairs)

Advertising: anything such as ads, website etc

Professional Fee's: consulting, accountants, lawyers etc

Office Furniture: only on the year that its purchased also note depreciation of the furniture is eligible

Business Entertainment and Travel: Entertainment of clients or prospective clients is eligible for 50%. Airfare, hotels, rental cars, taxi's and other similar things are eligible



The IRS does not let individuals write off interest from personal credit cards or loans. However, it’s a different story for businesses. They have deemed business interest to be a legitimate business expense, and that is tax deductible.


If you have paid interest for business credit cards or a business loan of any kind, you can deduct this amount on your taxes. Yes, you will want to have the back up to prove that the money was spent on business activities just in case you are audited.


So to summerize if you have paid interest on a credit card or loan there are definitely many ways to write off those items as long as they were used for business purposes. Be sure to keep good records.


For more information about obtaining a REVOLVING LINE OF CREDIT for your business and how it can be helpful please drop me an e-mail businessfastcash@gmail.com I can get you up to $2 million in 72 hours.