CAN I PUT NET SALARY AS A BUSINESS LOAN TO THE COMPANY?

Question

If I get paid from my (1st) job, but the money is deposited into my business account can I claim that on taxes somehow....or can I use that money as a loan to the business to use for business expenses, etc....?   how would I categorize it. thanks in advance

volvogirl · Answer

Do you file a Schedule C in your personal tax return for your business?  No it is just W2 income and taxable.    Sure you can use it for whatever you want.  You can't deduct a loan but you can deduct business interest paid.   You can use it to pay actual business expenses. You can deduct the expenses.