Where Do I Enter Information Regarding A Loan AND A Grant?

[jmankok]

I received a small business loan AND a grant. Where on my taxes do I enter this information for both of these?

[Critter-3]

This is where sitting down with a local tax pro/bookkeeper to get educated in how to keep your books would be a good idea especially this year.

Now a loan is NOT income and as such is NOT reported on an income tax return.   What you used the money for depends on what/where it may be entered ... for instance if you paid rent/payroll/utilities/inventory/etc  then you simply report those expenses as normal.   If you had to pay interest on the loan the interest is deductible but NOT the repayment portion of the loan.   And for a grant ... that depends again on the rules attached to the grant.   Normally it is reported as income and the expenses it pays is also deducted.  However you can also not include it in income but then you cannot deduct the expenses either.  Either way that is easier for you would be acceptable ... depends on how you set up your books.