topic I loaned myself money from a credit card by charging it in my business account. It is registered as income. Do I still have to pay taxes on that amount? in Get your taxes done using TurboTax

I loaned myself money from a credit card by charging it in my business account. It is registered as income. Do I still have to pay taxes on that amount?

Jorge5002 — Tue, 15 Oct 2019 20:45:12 GMT

Re: I loaned myself money from a credit card by charging it in my business account. It is registered as income. Do I still have to pay taxes on that amount?

Anonymous_ — Tue, 15 Oct 2019 22:03:35 GMT

"Do I still have to pay taxes on that amount?"

It is not entirely clear what you actually did, but loans are generally not considered "income". Thus, I believe you made an entry error, which you can easily reverse.

Re: I loaned myself money from a credit card by charging it in my business account. It is registered as income. Do I still have to pay taxes on that amount?

pwinters — Tue, 15 Oct 2019 22:07:59 GMT

No, that is not income. The entry should be to "Loan Payable" instead of "Income."