Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

I received 20,000 as a personal loan in my Corporation. The…

Customer Question
I received 20,000 as a...
I received 20,000 as a personal loan in my Corporation. The Corp hasn't made any money yet. I have expenses (office supplies, rent, utilities, etc.) I am paying the expenses out of the personal loan money. In my Chart Of Accounts I logged in the loan, as a loan not income. After paying about 12,000 in expenses and making no income yet, does that mean I have a $12,000 loss when it comes to my Profit and Loss for Year-End?
Thanks
Submitted: 3 months ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 28 minutes by:
3/25/2018
Financial Professional: PDtax, CPA, MBA replied 3 months ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,084
Experience: Tax professional and business consultant for 35 years.
Verified

Hi from Just Answer. I'mCustomer and can assist. Yes, you have a $12,000 loss.

The loss can be used against future income as a loss carryforward, but for 2017 you have a tax loss.

Let me know if you need anything more. If this covers your question, please rate my response with positive feedback. I'mCustomer

Ask Your Own Finance Question
Customer reply replied 3 months ago
OK,
Thanks
Financial Professional: PDtax, CPA, MBA replied 3 months ago

You're welcome.

Please take a moment for positive feedback, five stars being best. Experts are not paid until you rate their assistance.

Customer/p>
Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,084
5,084 Satisfied Customers
Experience: Tax professional and business consultant for 35 years.

PDtax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
US tax question Please describe the subject of "equity in".
US tax questionPlease describe the subject of "equity in". I am sole proprietor filing schedule C and also another business "single member LLC" also filing schedule C.If I personally pay for something… read more
Carter McBride
Carter McBride
LLM
1,185 satisfied customers
How to record shareholder loan payback in 1120S? We are S
We are S Corp owner for both computer service and real state rental. We loan to S Corp $600,000 in the past few years. We never take payment before. This year we want to take loan payment. How to do it to avoid becoming income? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,325 satisfied customers
I have an at-home business sewing and transcription
I have an at-home business sewing and transcription services. I have done our personal taxes for years, anything I need to do extra for my dba that will help with my taxes like how do I figure out how… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have a new business that I opened (an LLC) that I have
I have a new business that I opened (an LLC) that I have been putting personal money into to pay the downpayment for a building and bills since it does not yet produce income. I have been taking Owner… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have asked a similiar question to this one before but i
I have asked a similiar question to this one before but i want to get different opinions on this issues, this is the situation, and i want to make sure that im getting the correct answer so can finish… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,416 satisfied customers
I have a specific question for an accountant. Do you have
Hi Pearl, I have a specific question for an accountant. Do you have online accountants that I could speak with? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,129 satisfied customers
I have been working as a self-employed real estate
I have been working as a self-employed real estate appraiser. I am currently set up as a DBA (Appraisal Solutions). I am looking to higher an office manager. The business will bring in about $140,000 … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I sold my interest in a small business I co-owned in October
I sold my interest in a small business I co-owned in October of 2014, and formed an S corp in February of 2015 for my wife and I to do some consulting for non-profits. We put about $13K into the busin… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
I have a question about tax returns s-corp. started business
Hello, I have a question about tax returns for my s-corp. started business in july 2015. operating expenses were around 38K (which i paid out of pocket from personal account). around mid november, i s… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My question is, if my wife receives an advance in her salary
Hello, My question is, if my wife receives an advance in her salary at the end of the year and puts it into the company we started to purchase materials needed for a project, can we right it off under… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Hello, I am looking for some rather immediate advice about
Hello, I am looking for some rather immediate advice about corporate & personal taxes. Have money to receive from inheritance and get take possession this or next year. Have started corporation from w… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
After 8 yrs as a company driver...I just started a trucking
After 8 yrs as a company driver...I just started a trucking company with myself as the only employee. I purchased a truck for $15,000 and just leased my equipment on with a carrier with myself as the … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am preparing a tax return for a client with a new business
I am preparing a tax return for a client with a new business and I have received a K-1 from her CPA for her Sub-chapter S business. There is an entry on line 16 d which is around half of the amount of… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
My small business is a Sole Proprietorship. I own the business
My small business is a Sole Proprietorship. I own the business but would like to pay myself monthly with a pay check. How do I accomplish this?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
hi there. i just start school in the accounting field, and
hi there. i just start school in the accounting field, and im a little confused on what to do in this type of matter. lets say that i have a small business company with the entity as an "s" corporatio… read more
R. Klein, EA
R. Klein, EA
Accountant
Master's Degree
480 satisfied customers
Hello, This is a great service! I have a question regarding
Hello, This is a great service! I have a question regarding the start-up of a new retail store. I could probably google it, but since i still have some time left to ask more questions i will take adva… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
Andy Wright,D.D.S., opened a dental practice on January 1,
XXXXX XXXXX,D.D.S., opened a dental practice on January 1, 2008. During the first month of operations the following transactions occurred. 1. Performed services for patients who had dental plan insura… read more
Manal Elkhoshkhany
Manal Elkhoshkhany
Tutor
1,933 satisfied customers
I had to take some money from my small L.L.C. one employee
I had to take some money from my small L.L.C. one employee , me and I do not draw a salary from thr business. I have to file my personal taxes. I was told not to issue myself a 1099 and only pay the t… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
86 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x