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Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage up to $50,000) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Some function as tax shelters (for example, flexible spending, 401(k), or 403(b) accounts).
To avoid paying tax twice, at the corporate and personal income tax levels, the loan-out corporation will pay out its profits to the sole shareholder as a salary or bonus. Since the payment is treated as a salary expense, it is tax deductible as it is a typical part of business operations, rather than the elective payment of a dividend ...
Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Loan agreements offered by regulated banks are different from those that are offered by finance companies in ...
A personal loan with a single, fixed-rate monthly payment is easier to manage than several credit cards with different interest rates, payment due dates and other variables.
Personal loans do not always require that you provide an asset as collateral to get approved. In fact, many personal loans are unsecured. This means that lenders base approval on your credit score ...
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.
Interest rates on unsecured loans are nearly always higher than for secured loans because an unsecured lender's options for recourse against the borrower in the event of default are severely limited, subjecting the lender to higher risk compared to that encountered for a secured loan. An unsecured lender must sue the borrower, obtain a money ...
For example, some banks shave 0.25 percent off your personal loan APR if you already have a qualifying checking or savings account with the bank. If you like your bank or have been a long time ...
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