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Question
can a new dentist incorporate his student loans into his business loans to get better tax breaks? normally you can only deduct up to $2500 in interest and that's if you make less than a certain amount. If you make the student loan a business expense you would be able to write off the entire loan and not just the interest right?
By jpj52byu Posted on 06/03/08 Total Answers 2
Answers-
You may want to consult with an accountant if there's a "creative" way to do this and make it happen But at first look, this can be an IRS audit trigger for you. I would proceed with caution if I were you.
Answer by : imisidro On Date 2008-06-03 20:08:24

I hope you are kidding. Of course you cannot take your student loans - principal or interest - off as a business expense. And please don't ask it you can take your vacation expenses or your car loan either. You can ordinary and reasonable expenses incurred in operating your business. Period.
Answer by : Bob F On Date 2008-06-03 20:29:32

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