Tax Reporting With Square Loans
How Much Interest Did I Pay Toward my Square Loan?
With a Square loan, payments are a fixed percentage of your business’s daily card sales and will vary with the amount your business processes daily. This repayment percentage is not an interest rate. In fact, there are no ongoing interest charges for your loan. The total cost of the loan is a fixed fee. The fee is the difference between total owed and loan amount.
The actual loan amounts and payback percentages vary for each loan through Square loan. Here’s an example:
Amount deposited to your bank account (offer through Square): $10,000
Fixed Fee: $1,200
Total amount owed: $11,200
Percentage of your business’s daily card sales that go towards payment: 11%
Following the example above, Square would collect 11% of your business’s daily card payments until you’ve repaid $11,200 in full.
If you’d like to download a .csv file of all your payments, you can download transfer details to view all of your payments.
How do I view all my loan payments for a given year?
From the Loans tab of your Square Dashboard, click the date-selector tool at the top-left corner to choose the date range you’d like to view.
Download Your Payment History
From the Balance tab of your online Square Dashboard, click the date-selector tool at the top-left corner to choose the date range you’d like to view.
Click Export > Spreadsheet at the top-right corner of the page.
A spreadsheet will download to your computer as a CSV file, which you can open with your preferred spreadsheet software.
Square Financial Services does not provide tax advice and this information is not intended to be tax advice. For more information on how Square Financial Services affects your tax reporting, please consult with a tax advisor.