JROCKET27
New Member

Interest

The bank pays interest of a few cents to me. I pay interest to EIDL. Are both forms of interest recorded to the same account?

conniem123
Employee Tax Expert

Self employed

No.  Interest you receive from the bank is Interest Income.  

 

Interest you pay for your EIDL is Interest Expense.

 

You will want to keep track separately.

 

Hope you find this information helpful!

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