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Recent Business Loan questions

Second opinion] This is my first year running a business. We

Second opinion] This is my first year running a business. We made a LOT of mistakes and ended up having a year-end loss. My current accountant is advising me not to declare losses. She said it negatively affects my business' ability to get a loan in the future. What should I do?

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Manal Elkhoshkhany

Foundation classes for MBA

9,364 satisfied customers
We have a business mortgage loan which had a 5-year fixed

Hello,We have a business mortgage loan which had a 5-year fixed interest rate of 5% and then changes to 3% above the bank's cost of funds thereafter. This rate has changed January 31st. Is the 'bank's cost of funds' regulated or entirely discretionary bank by bank? Is there a method to check this rate out to insure we are receiving the appropriate rate?Thank you

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Lev

Retired

Bachelor's Degree Equivalent

24,808 satisfied customers
I want to open up a restaurant that's already operating. I

I want to open up a restaurant that's already operating. I want to go for a $25,000 dollar personal loan to put towards a down payment for the already operating restaurant that will roughly be $300,000. I will be putting money down to receive the original $25,000. The original $25,000 should that be a personal or business loan because what will my second loan be classified as?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

10,330 satisfied customers
Seeking advice on tax planning and structuring for small

Seeking advice on tax planning and structuring for small business. Majority of income is from 1099 and seeking ways to get the most out of deductions or changes that can be made to minimize tax burden for 2016.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,062 satisfied customers
I have a Single Member LLC. I use the accounting Software

Hello, I have a Single Member LLC. I use the accounting Software Xero.com. I am trying to figure out my year end entries to retained earnings / owners equity. I have 4 accounts under Equity on my balance sheet: Current Year Earnings, Owners Contribution, Owners Draw & Retained Earnings. The problem I am having is that I ended up drawing more from the business than my net profits. How would that look as year end entries?

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
I have a question regarding personal vs business loan, If a

I have a question regarding personal vs business loanJA: The accountant will know how to help. Please tell me more, so we can help you best.Customer: If a person takes out a loan to start a business, is that considered a personal loan or a business loan?JA: Is there anything else the accountant should be aware of?Customer: I'm not sure.

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
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

4,172 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

21,062 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

7,658 satisfied customers
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