If you took out a loan for your business, the interest is deductible on your business return. You will find the option for interest in your business interview.
- Select Business Income & Expenses and Start or Update
- Choose to Edit your business or Add A Business on the next page
- When you get to the page "Your [Name] Business," scroll down to Business Expenses
- Select Other Common Business Expenses and Start or Update
- Scroll down to Interest Payments and Start or Update
- You may enter your business loan interest paid as Credit Card, Loan, and Other Interest
