How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16544
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
23669918
Type Your Finance Question Here...
Megan C is online now
A new question is answered every 9 seconds

I have a question about small business loan payoffs

This answer was rated:

I have a question about small business loan payoffs

MyVirtualCPA :

Thanks for your question, and thanks for using JustAnswer.com

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 http://www.justanswer.com/finance/expert-myvirtualcpa/

Customer: Ok
Megan C and other Finance Specialists are ready to help you
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.