When you apply for a loan, whether it’s a car loan, a mortgage or a personal loan, the lender generally will require you to show proof of income. The lender does this because it wants to be sure you can afford the monthly payments and
Many consumers looking to borrow money wonder whether they should go with a personal loan or a line of credit. While both lending products have similarities, the way they work is quite different. A line of credit is seen as a more flexible borrowing solution. It
When you apply for a mortgage or another type of loan, the lender will typically need to verify your employment before they can approve you. Along with contacting your current employer, lenders will also want to verify any documentation you have on your income. Before
You’ll need capital to cover expenses like product inventory, payroll, insurance and advertising when starting a small business. While drawing money from your personal savings is an option, most entrepreneurs lack the cash on hand to launch their business. Thankfully, there are loans available, but
You may think that you are in the clear once your tax refund check arrives. However, this is not necessarily the case, and you should keep a copy of your tax return in case the IRS decides to audit it. The IRS Has Three Years to
Income tax fraud is purposely disobeying tax law or working to defraud the Internal Revenue Service (IRS). The IRS is very specific about which actions constitute fraud. Filing a false tax return, failing to report all income, and purposely not filing taxes is fraud. Submitting
While it’s recommended to file your taxes each year by the deadline regardless of whether you’re expecting a refund or not, many people neglect this responsibility. However, like all other choices you make in life, there are often consequences of your choices that you cannot
We’re now in June and the difficult time of April is long gone with all of its stresses for many, what with the mad rush to get those income taxes filed on time. In fact, there are many who don’t—according to statistics, more than 10 million
The average mortgage applicant understands how the process works. When an application is submitted, lenders will verify information and consider the merits of the application. During this process, lenders perform background checks and analyze an applicant’s financial situation. Most lenders obtain tax transcripts from the
Mortgage lenders mandate that borrowers meet strict income requirements for a given loan. Countless loan applications are denied because applicants cannot meet these requirements. Similarly, lenders deny mortgage applications when they cannot verify income information. Prospective home buyers often wonder whether lenders verify income figures