Josie6
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Yes, compensation you paid to yourself directly from the PPP loan is not a deductible expense, unless it went through payroll with withholdings, social security...
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After doing further research, I have found that money paid from a PPP loan to the self-employed that does not go through payroll is not a deductible expense.
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A self-employed person who pays himself/herself from earnings of the business rather than through payroll (payroll requires employee and employer tax), cannot d...
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I received a PPP loan as a self-employed individual who files a Schedule C. The loan has been forgiven. I understand that the rent and utilities paid from the l...
Activity Feed for Josie6
- Posted Re: I received a SBA disaster loan for my business is this loan money considered income on my taxes? on After you file. March 17, 2021 10:31 AM
- Posted Re: Is proprietors draw paid from PPP loan deductible on Get your taxes done using TurboTax. March 15, 2021 4:23 AM
- Posted Re: Self employment under ppp from add detail on Get your taxes done using TurboTax. March 13, 2021 9:54 AM
- Posted Re: I received a SBA disaster loan for my business is this loan money considered income on my taxes? on After you file. March 11, 2021 8:31 PM
- Posted Is proprietors draw paid from PPP loan deductible on Get your taxes done using TurboTax. March 11, 2021 8:15 PM