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Are business loans taxable income?

Are business loans taxable income?

Most business loans are not considered business income. When you negotiate with a creditor or lender to reduce your debt, you do receive monies (even if it’s taking from one to pay the other) that must be reported. Talking to your tax accountant is critical when considering a business loan.

 

 

 


First Financial

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Client Service Center: Main: 1-800-315-7791 Fax: 1-800-215-0217 (Monday–Friday 5:00am–6:00pm Pacific or 8:00am–9:00pm Eastern)

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