Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
April 28, 2020
Question

How can I categorize my SBA loan in order to not get taxed on the loan?

  • April 28, 2020
  • 1 reply
  • 1 view
No text available

1 reply

Rustler
Level 15
April 29, 2020

create a liability account named for the loan, and use that account as the source account for the deposit

 

if at tax time the money is indeed tax free, do a journal entry

debit the loan liability account

credit an income account created under other income named tax free (covid) income