I saved enough money to pay off all my school loans. How would this affect my taxes if I paid them off all at once?

Hi @andres-avalos199,

You'll need to create an expense transaction and categorize it as other business expenses. However, I'd still recommend consulting with an accountant so you'll be guided in claiming your self-employed related deductions. Let me show you how to do it.

1. Go to Transactions, then Add transaction.
2. Enter the transaction information and then select Other business expenses under Select a category.
3. Hit Save.

Once you're done, you can then itemized your tax upon importing to TurboTax. Please check this article for more information about the different expense categories in QBSE.

Here's an article for your additional reference in preparing and filing your taxes: QuickBooks Self-Employed - Annual taxes guide.

Thank you and welcome to Community. You can always leave a comment anytime if you have other questions. More power to your business.