You must report interest you collect on a personal loan and pay tax on it. If you collect less than market rate interest on a loan greater than $10,000 you must still pay tax on the foregone interest and may owe gift tax. Personal Loan Income Tax As long as you're not in the pers...
If you are an employee, you will have to pay income taxes. The government will determine how much you owe based on the amount of money you receive from earned income (salaries, wages, tips, commissions) and unearned income (interest, dividends). Federal income tax rates are the same ...
Saving money is kind of like eating a healthy diet. You know you should do more of it, but it’s hard to resist making spur-of-the-moment choices that make you happier now but worse off later. A tax refund marks a great chance to set yourself in a better
Interest rates on private student loans vary widely because they’re tied to a variety of factors that change depending on the lender, the borrower, and the loan, but on the high end, it can be much higher. So how do you know if you should use your tax refund to pay off your studen...
Loans allow the addressing of immediate cash needs, but there is a need to be responsible in terms of assessing one’s repayment abilities. Before embarking on your renovation, you should determine which type of loan best suits your needs – a personal loan or a renovation loan. A personal ...
check out the information below on the American Opportunity Credit and Lifetime Learning Credit. If you’re taking college or trade school classes, or thinking of enrolling in the future, you’ll want to look into these two education tax credits as you explore ways to pay for the high ...
The premium is the amount you pay every month for your health insurance plan. The premium amount depends on the plan you choose. Often, the premium price affects the price of the other features. For example, high coinsurance and high maximum out-of-pocket usually means a lower monthly premiu...
raising the starting point of small-scale taxpayers, halving the corporate income tax on small and micro enterprises, etc. In 2022, we will increase the amount of tax rebates for small and micro enterprises at the end of the value-added tax period, exempt small-scale taxpayers from value-...
then you might not see a reason to choose one over the other in the voting booth. If both parties are equally irrational or biased, you might perceive outrage from one side on issue X as equally valid as outrage from the other side on issue Y. Thinking through the similarities and differ...
Revised Pay As You Earn Repayment (REPAYE) The fourth option is theRevised Pay As You Earn Repayment Plan, or REPAYE, which is available to all borrowers with eligible federal student loans. This income-driven plan generally results in a payment equal to 10% of your discretionary income, bu...