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The IRS generally does not consider personal loans taxable, as these loans do not count as income. However, if you had a loan canceled, that may count as taxable income.
A personal loan may offer a cheaper way out of tax debt if you can meet 3 key criteria. Learn the benefits and drawbacks — including alternatives — in this comprehensive guide.
Personal loans’ tax deductions depend on how you use the money. When personal loans are used for personal needs, you are not able to deduct payments from your annual income for tax purposes.
With e-filing and IRS partnerships that help consumers e-file for free, U.S. taxpayers can generally receive their tax refunds within three weeks and sometimes as quickly as ten to fourteen days if they choose to receive their refund via direct deposit. As of 2017, 70% of US taxpayers have access to free e-file and tax preparation services.
The IRS Free File Program is a service that allows U.S. taxpayers to prepare and e-file their federal income tax returns for free. Through the program, commercial tax software companies that are part of the Free File Alliance offer free tax preparation software to tax filers with annual adjusted gross income (AGI) below $73,000 for Tax Year 2022.
Specifically, the bill “directs the Internal Revenue Service (IRS) to establish a Community Volunteer Income Tax Assistance Matching Grant Program to provide matching funds for the development, expansion, or continuation of tax preparation programs to assist low-income taxpayers and members of under-served populations.”
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