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Can payday loan interest be reported on your income taxes?
No. Deductible interest includes student loan, investment, and qualified residence interest. Payday loan interest is considered personal interest. Personal interest isn't deductible.
What is true Rates of interest on bonds are fixed no matter what profits the corporation makes. Rates of interest on bonds vary based on the profits and losses of the corporation.?
Bonds may have fixed interest rates that stay the same throughout the life of the bond, or they may have floating rates that change.A corporate bond is a debt security issued by a corporation and sold to investors. Corporate bonds are considered to have a higher risk than government bonds.As the investor owns a bond, he receives interest from the issuer until the bond matures. At that point, the investor can reclaim the face value of the bond.
Is the related party interest expense deductible?
Yes, related party interest expense may be deductible if it meets certain criteria set by tax laws and regulations.
Can you deduct interest from personal loans?
No way, no how. ----- This answer is incorrect. You CAN deduct interest from personal loans in some circumstances. If you're a business owner and take out a personal loan for business expenses, you CAN deduct the interest as a business expense. If you own a rental property and use a credit card to make repairs to the property or take out a personal loan to make improvements, you CAN DEDUCT the interest from your taxes. The IRS has entire chapters devoted to this topic on its web site. Maybe the confusion is that for tax purposes it is the use of the interest/loan, not if your a Corporation/LLP/Trust/Proprietorship, etc. It is interest for "personal use" that has a problem. Correcting the above, back to the original: The examples given are NOT personal interest. They are loans made for a business purpose. They are loans taken, or expenses, incurred in the course of making taxable income. (Like interest on the margin account on your stock investments may become deductible). The only personal interest that may be deductible is on qualifying mortgages for a house. Interest on a corporate credit card that someone incurred for purchasing say haircuts for their own use, would NOT be deductible.
Is interest from credit cards tax deductible for a S-Corp?
yes
Is the interest on corporate debt tax deductible?
Yes, in most cases.
Which of the following are income tax deductible items to a corporation Common stock dividends preffered stock dvidends retained earnings or Bond interest expenses?
Interest expenses are tax deductible.
Is interest paid IRS on delinquent taxes deductible?
No, personal interest is never deductible, regardless of who it is paid to.
Can a non-profit corporation earn interest on a bank account?
Yes. A"non-profit" corporation is one that does not have stockholders, so there can never be a distribution of net corporate profits to them. The corporation can earn all the money it can and keep the profits or use them for corporate work, expansion or charitable purposes. There may be limits on how much profit the corporation can accumulate.
Can you deduct interest from a signature loan?
"Personal" interest is NOT deductible.
Can payday loan interest be reported on your income taxes?
No. Deductible interest includes student loan, investment, and qualified residence interest. Payday loan interest is considered personal interest. Personal interest isn't deductible.
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
Is the interest on any bank loan deductible?
For an individual taxpayer (as opposed to a corporation) only three types of interest are deductible: 1) investment interest 2) business interest 3) interest on a loan secured by a qualified residence. To deduct investment or business interest, you must follow strict tracing rules that trace the borrowed funds directly to an investment or business purpose. There are also strict rules as to what a qualified residence is and limits on the amounts of home equity loans.
What is true Rates of interest on bonds are fixed no matter what profits the corporation makes. Rates of interest on bonds vary based on the profits and losses of the corporation.?
Bonds may have fixed interest rates that stay the same throughout the life of the bond, or they may have floating rates that change.A corporate bond is a debt security issued by a corporation and sold to investors. Corporate bonds are considered to have a higher risk than government bonds.As the investor owns a bond, he receives interest from the issuer until the bond matures. At that point, the investor can reclaim the face value of the bond.
What bond represents an organization?
A corporate bond represents a debt security issued by a corporation to raise capital. It is essentially a loan from an investor to the corporation, with the promise of regular interest payments and the repayment of the principal amount at maturity.
Is the interested paid on a back spousal support payment tax deductible?
Personal interest is not tax deductible
Is Interest paid to debt collectors tax deductible?
no
