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JBSurfs
12-17-2017, 06:45 AM
Hi all. We are about to purchase a business, actually 2, that are S corps. we were looking at the 401k robs, and are getting scared of that. so, to fund the business, we have available, a home equity line and will either use a sba loan or a loan from a family.

my question is, since we will keep the same s corps by name, tax id, etc., where does the loan payment come in to play, before or after taxes? So, for the sba loan/family member loan, are the payments made as a business expense and thus before a w-2 paycheck to us from the business. The same question about the home equity loan we are using to purchase the business.

So, if we must pay back both loans as expenses to us, the employees, then we will end up losing a lot of money in the process between taxes on the income and adding about $15,000 we'll lose in ACA insurance premiums.

If we are able to pay back both loans or at least one loan from the business, we can use any extra profit towards the loan to keep our lower income and keep our ACA premium assistance, plus pay more back since we won't be paying uncle same taxes.

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09-21-2019, 04:23 AM
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12-16-2019, 02:19 AM
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PeterHicks
04-09-2020, 07:15 AM
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04-13-2020, 01:01 AM
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davidwills
04-14-2020, 02:47 PM
I agree with your point. We need to get loan payback tax via online electronic method. Already, 61% of loan statements (https://www.aciworldwide.com/insights/expert-view/2017/march/loan-servicing-trends-9-surprises) are delivered electronically using salesforce (https://www.crsinfosolutions.com/salesforce-training-online/). Millennials, in particular, want to perform financial tasks quickly, and as the older generations begin to age, the pressure on lenders to continually improve their offering and simplify their processes has intensified. We will also highlight some key ways Salesforce Financial Services Cloud can help.

acobloom
05-18-2020, 01:23 AM
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speeduser
11-27-2020, 12:32 PM
Wow, the taxes are really making our lives difficult. However, it is our obligation to the government. - Phillip Elden (http://www.phillipeldenblog.com/)

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11-28-2020, 01:41 AM
In spite of the fact that individual advances are not expense deductible, different sorts of credits are. Interest paid on home loans, understudy loans, and business credits regularly can be deducted on your yearly assessments, successfully decreasing your available pay for the year.

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11-30-2020, 03:10 AM
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raviseo121
11-30-2020, 08:06 AM
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