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Recent Business Loan questions

I want to make a $20,000 business loan to the company of a

I want to make a $20,000 business loan to the company of a friend in the UK within the next week or two. How do I go about doing this so thata) the loan looks legitimate per IRS (i.e. not a gift or whatever)b) I can write it off if I fail to get back the principalc) the actual money transfer does not look suspicious and money-laundering-like (this question may be outside the domain of accounting - not sure)

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,986 satisfied customers
We have a office rental business in NY. Due to pending

We have a office rental business in NY. Due to pending litigation against us there is a temporary restraing order (TRO) in effect for over 5 years that prevents us from taking any income except to pay the mortgage on the property. Since our property rightsare being violated and we have no access to our income are we required to pay income tax on money we were prevented from using? Also a company we loaned money to went bankrupt and was given a dischrage so the money owed us can never be recovered, is this aloss we can claim as a deduction?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I just migrated over to an S-corp. My Sole Proprietorship

I just migrated over to an S-corp. My Sole Proprietorship (SP) has a business loan. Can the SP invoice the S-corp to make the payments and to pay down the loan?

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PDtax

Owner

Master's Degree

6,994 satisfied customers
I work business that is completely women run and owned. Just

I work for a business that is completely women run and owned. Just wondering if there are special places to find grants or loans for these types of businesses.

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JACUSTOMER-b0lr4fay-

Senior Tax Attorney

Master's Degree

922 satisfied customers
I'm currently trying to start an LLC in order to produce

I'm currently trying to start an LLC in order to produce films, but i'm currently unemployed. My personal credit isn't too good and I haven't officially began bringing in revenue, since I'm not even incorporated yet. My grandmother is stating that she's willing to sign over a portion of her undeveloped land to me in order to use as collateral. My main question is will that be enough in order to open up a line of credit for equipment in order to begin making revenue?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,022 satisfied customers
We have two businesses (A and ). My husband used a credit

We have two businesses (A and B). My husband used a credit card from business A to purchase items for business B in the amount of $3870.40, which he was not supposed to do. I did not want to pay the interest rate on this credit card so I used a line of credit for business A to pay that balance off. Business B still needs to pay back this money. I am at a loss as to how to post this in my books. To make matters worse, there is an automatic monthly payment taken out of the business A checking account for this line of credit balance in the amount of $100 per month as well as the payments made to the account from business B of $200. So there is an extra $100 being paid on this balance each month that I do not know what to do with. I am sure you are totally confused now but I really need to get this figured out.

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PDtax

Owner

Master's Degree

6,994 satisfied customers
I would like to know what options there are business,

I would like to know what options there are for my business, I own a Med Spa and it does well however I began working with a company getting funding with Merchant Cash Advance with our daily credit card sales. I need this advanced funding for growth opportunities and cannot qualify through a traditional bank. The fees and the daily deduction become too much. What other options are out there to migrate to??

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
, I'm an owner of a Trucking business and we are paid as

, I'm an owner of a Trucking business and we are paid as Independent Contractors, I have no dependents, what credits or deductions can I claim to lessen the amount that I would have to pay the IRS?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
I've set aside a personal card exclusively use of my

I've set aside a personal card exclusively for the use of my business. can i assess all interest and fees from this personal card to my business? if not, then what charges are excluded from being assessable to the business?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,750 satisfied customers
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