There’s no place like home. And one way to extract value from this important asset is to take out a home equity loan. After all, interest rates on home loans and home-equity lines of credit are currently low. But, before you sign on the dotted line, you need to know how the tax law treats these loans. For example, you should learn… How much interest you can deduct What … [Read more...]
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The smart, safe way to lend money to an employee
Shakespeare wrote… “Neither a borrower nor a lender be.” That may be good advice in theory, but in practice you may want to make a loan to an employee who’s going through tough times. Lending money to an employee can be a thoughtful act that builds loyalty, but it can also put you in a tough spot if the debt goes unpaid. If you want to learn how to protect yourself … [Read more...]
How the IRS treats life insurance policy loans
Thinking about borrowing money from your life insurance policy? Before you do, you’d better ask yourself these three important questions… Am I using the loans for a business purpose? Am I repaying the loans? If I’m not repaying the loans, what happens when the money I’ve borrowed terminates my policy? If you haven’t answered these questions and thought about the … [Read more...]
Should you buy or lease your business vehicle?
Thinking about getting a new vehicle for your business? Then you have to make a tough decision… Should you buy or should you lease? Unfortunately, deciding which option saves you the most money isn’t always easy. Sure, you’ve got to consider out-of-pocket costs, but you also have to think about how much cash you have available, the tax benefits each approach provides, and the … [Read more...]
The truth about foreclosures, short sales, and modifications
I sure hope your home isn’t “under water” and that paying your mortgage isn’t a problem. But if you have a relative, friend, or client who is facing difficulties, my new article makes “must” reading. You see, I’ll explain in easy-to-understand language how the tax law treats the foreclosure, short sale, or loan modification on a principal residence. An unpleasant subject? … [Read more...]