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Square Loan Reporting for Taxes

Is there a simple way to figure out Square Loan payments through a year and balance at the close of the year? Thanks.

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Square Champion

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Hi @PointBreakTacos.  

 

For each loan you’ve had during the year, you can go to your online dashboard > Balance > Loans.  Click on each loan.  In the “Activity” section, you can click on the Download button which will download a CSV of all activity since the loan was taken out.

 

A few quick spreadsheet formulas will calculate the end of year balance remaining, as well as total payments made during the year.

 

I’m not sure why you would need this information for taxes, though.  Loan payments are not tax deductible, except for the finance charges/loan fee which are sometimes tax deductible.  You’d definitely want to consult with your accountant or tax preparer to be sure what applies in the case of your business.

Chip
Square Champion, Innovator & Expert
Piper’s Ice Cream Bar, Covington KY USA Website Facebook
Click here to see a list of third-party apps I use to add functionality to my Square account!

If my answer resolves your issue, please take a minute to mark it as Best Answer. That helps people who find this thread in the future.

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Square Champion

Best Answer

Hi @PointBreakTacos.  

 

For each loan you’ve had during the year, you can go to your online dashboard > Balance > Loans.  Click on each loan.  In the “Activity” section, you can click on the Download button which will download a CSV of all activity since the loan was taken out.

 

A few quick spreadsheet formulas will calculate the end of year balance remaining, as well as total payments made during the year.

 

I’m not sure why you would need this information for taxes, though.  Loan payments are not tax deductible, except for the finance charges/loan fee which are sometimes tax deductible.  You’d definitely want to consult with your accountant or tax preparer to be sure what applies in the case of your business.

Chip
Square Champion, Innovator & Expert
Piper’s Ice Cream Bar, Covington KY USA Website Facebook
Click here to see a list of third-party apps I use to add functionality to my Square account!

If my answer resolves your issue, please take a minute to mark it as Best Answer. That helps people who find this thread in the future.
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