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Get your taxes done using TurboTax
Even if the loan fee may not technically be considered interest expense, it would represent a necessary and normal expense of doing business, so it can be deducted as a business expense. So, it will either be deducted as interest expense or bank/loan fees.
Interest expense is broadly defined as a fee associated with borrowing money that is based on a percentage times the amount borrowed.
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March 1, 2021
12:35 PM
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