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
There are cases in which some people will be able to get rid of all or part of their student loans using a forgiveness plan targeted at student loans. This removes the burden of dealing...
Posted by Flynn Financial Group Inc on 05/06/2021
The CARES Act (Coronavirus Aid, Relief and Economic Security Act) came up with a new assistance program for small businesses (with employees below 500) to cushion the coronavirus's...
Posted by CORE PERFORMANCE on 03/05/2021
Student loan interest stands out for having a lower rate, which might be attractive to many. However, there are still a couple of things to know if you consider taking a student loan. Effect...
Posted by Karen Munoz, EA on 02/17/2021
While taxes for 2020 are not due until 2021, many important financial decisions made now can have a major impact on farm taxes and when they are paid. An important resource is the...
Posted by Karen Munoz, EA on 01/17/2021
The IRS deals with foreclosure as well as the sale of a property. It was already yours, and you no longer own it, so you could end up paying taxes on a mortgaged property. The event...
Posted by Carmen Garcia on 12/26/2020
In December 2017, major tax reform was launched, which concerns individuals and businesses. It is commonly known as the Tax Reduction and Employment Act, TCJA, or Tax Reform. Most...
Posted by CORE PERFORMANCE on 11/06/2020
Last April 30, 2020, the IRS Notice 2020-32 was issued, and according to it, there should be no deductions for qualifying business loans that are under the Paycheck Protection Program...
Posted by LLOYD J CAZES CPA on 07/09/2020
Many people owe the IRS money without a clue on what to do. There are quite a few options with hiring a tax debt relief company as one of them. One might think there is no big deal...
Posted by LLOYD J CAZES CPA on 07/09/2020
