Debt and my profit/loss?

Discussion in 'Accounting and Taxes' started by chaddock, Nov 16, 2018.

  1. chaddock

    chaddock
    uix_expand uix_collapse
    New Member

    Joined:
    Nov 16, 2018
    Messages:
    3
    Likes Received:
    0
    Trying to see how I need to view my payments towards a $100,000 cash loan as an example. If I pay $10,000 each month for 10 months towards a $100,000 cash loan and that original loan went to pay off my AMEX bill for example. The original Amex bill charges came from cost of goods and show up in my expense report and in my profit/loss reports. Those original charges for example were charged and applied to my amex bill and profit loss in jan. But if I am paying $10,000 in November towards that loan, do I view that $10,000 as an expense towards my profit loss for November or should I not add that in because I had really already added in that $10,000 in January when i purchased the cost of goods. In November, I should only be adding in any interest part of that $10,000 and not the amount that goes to the principle of the loan? So this November when I run my profit loss, I should leave out that $10,000 payment.
     
  2. Jacob Hawkins

    Jacob Hawkins
    uix_expand uix_collapse
    Member

    Joined:
    Mar 16, 2018
    Messages:
    45
    Likes Received:
    6
    Finally, the moment has arrived which most of the businesses were waiting for.

    “Final word on the most controversial Tax Cuts and Jobs Act”. It was actually overwhelming for the Internal Revenue Service to get this Section 199A into action after so many negative remarks going around.

    It is a type of company which does not pay any corporate income taxes. The following are examples of a pass-through business:

    • Sole proprietorship
    • Partnership
    • S-corporation
    • Limited liability company
    • Limited liability partnership
     
  3. stargrit

    stargrit
    uix_expand uix_collapse
    Member

    Joined:
    Jan 29, 2019
    Messages:
    52
    Likes Received:
    3
    Your actual rate, payment, and costs could be higher. Get an official Estimate before choosing a loan. Loan and Interest calculators are for estimation purposes only.
     

Share This Page