As long as you repay such a loan fully, there is no need for income taxes on a personal loan. However, the forgiveness of any part of the loan or paying the loan for a lesser amount...
Posted by Karen Munoz, EA on 06/06/2021
One of the essential parts of your financial planning is your tax saving plans. Your strategy to save on taxes should be the type that will help keep tax using insurance as your corpus....
There are times people are suddenly faced with a financial crisis. In such cases, the primary instinct might be to cut spending and other expenses. While such tactics might help,...
Based on Uncle Sam's definition and the purpose of taxes, a head of household is a single taxpayer with dependents and is responsible for over half of their care and home cost....
Posted by Accurate Books And Tax on 03/29/2021
Tax exemption is the right to exclude from tax certain amounts of income or assets.Being tax-exempt or having a tax exemption seems like a way to lower your tax bill, but it can cause...
A reverse mortgage is a means of generating income when you employ the equity in your home. This loan provides an excellent way for seniors to get money if finances are not working...
Deployed service members must submit their taxes. Fortunately, the Internal Revenue Service realizes that the service members and their families face unique circumstances and offer...
There are a series of tax breaks and deductions you can claim if disabled and with this, you get to significantly reduce your income tax and even have a robust tax refund. The...
You might have a home where you stay for some time in a year while you rent it for the other part of the year. Doing this means you have to prorate the incurred expenses between rental...