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Can I claim interest paid on a loan for my business? All money was used for the business.
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Yes. Interest is an allowable business expense.
"You generally can deduct as a business expense some or all interest you pay or accrue during the tax year on debts related to your business. Interest relates to your business if you use the proceeds of the loan for a business expense. It does not matter what type of property secures the loan. You can deduct interest on a debt only if you meet all of the following requirements.
•You are legally liable for that debt.
•Both you and the lender intend that the debt be repaid.
•You and the lender have a true debtor-creditor relationship."
For more information, please refer to: IRS Pub. 334 Tax Guide for
Small Business , p. 35.
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