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?
02358
2 Replies
Anonymous_
Level 15
Oct 15, 2019 3:03:35 PM
"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.
pwinters
New Member
Oct 15, 2019 3:07:59 PM
No, that is not income. The entry should be to "Loan Payable" instead of "Income."