I bought out my partner with "owner financing." Is the interest I am paying on the loan deductable?
I own an S corporation and recently bought out my business partner. The payment was in the form of owner financing. I pay a capital payment each month and then interest on the outstanding balance at the end of the year. Can I claim the interest as a business expense/tax deduction?
Often entrepreneurs don't have the core competencies to understand accounting, which could result in a startup failing. Here is how an entrepreneur should approach hiring an accountant or outsourcing her financial tasks to ensure success.