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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I have a question about small business loan payoffs

Resolved Question:

I have a question about small business loan payoffs
Submitted: 3 years ago.
Category: Finance
Expert:  Megan C replied 3 years ago.

MyVirtualCPA :

Thanks for your question, and thanks for using

MyVirtualCPA :

What is your question?

Customer: I have a one vehicle limousine company and my question is about the loan that I have for my limousine. Should I go ahead and pay off the loan or is it better to make payments and deduct the interest, if its deductible?
MyVirtualCPA :

The interest is deductible. My advice is typically pay off your debt.

MyVirtualCPA :

Your cash flow per month will grow. The interest gives you a relatively small benefit in comparison with the increase in cash flow from not having to pay the debt

Customer: Ok, sounds good. It will feel nice not to have to write that check again! Can I ask more questions or should I start a new question?
MyVirtualCPA :

If you are subscriber and pay one flat monthly fee, I get more credit if you open a new question. You can go to the following link and ask me directly

Customer: Ok
Megan C and other Finance Specialists are ready to help you
Expert:  Megan C replied 3 years ago.
Thanks, Pete for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.