Of the many small businesses that apply for loans every year, only half are approved. According to lending experts, there are four primary reasons why small business loans get rejected.Credit ProblemsBad credit or no credit is a red flag for lenders. Would you loan money
When it’s time to consider the financial situation of a business or individual for a loan or mortgage, lenders agree that verifying tax transcripts directly from the IRS is one of the most important steps to take when evaluating the borrower’s ability to repay the
A credit agent must decide to lend based on many different data points. What is one of the biggest problems in the world of credit decision making? Not the least of which is tax lien data. However, there is good reason to believe that tax
Commercial lenders face the challenge of detecting tax fraud from businesses that apply for loans. Throughout history, many businesses have used illegal means to conceal the health of their business, and this not only costs the lenders but it also negatively affects the nation’s economy.The
A LLC or Limited Liability Company is a type of private business not subject to as many laws as standard businesses which makes the structure more flexible. An LLC cannot be double-taxed because the pass-through status allows them to report business income on their personal
In the United States, there are four main types of business taxes that the federal government administers. Business owners or managers should be aware of their responsibilities in paying each type of tax, as well as any additional taxes they may have to pay at the state
While businesses are only required to file an income tax return once a year, there are several other factors to consider when discussing business taxes. One of these is the due date of the business’s tax return which is dependent upon the structure of the
Starting a small business is an exciting experience. After weeks, months, or even years of planning, you are finally getting to see your dream become a reality. But amid all the anticipation, it is important to take care of the legal side of the process.
When you’re applying for a mortgage, auto or business loan, you’ll be asked for a variety of documents to prove your income. The lenders will typically ask for your credit history, information on your debt, recent paystubs, legal documents like divorce decrees and your tax information.
From time to time a person is asked to prove his or her income by producing tax returns. This is why tax preparation experts recommend holding on to tax returns for several years. But what if a person doesn’t have copies of his or her