Question 1

How do business loans differ from personal loans?

Accepted Answer

Business loans consider business revenue, credit history, and business plan rather than just personal credit. They often have higher limits, different terms, may require collateral, and interest may be tax-deductible.

Question 2

Do I need to report bank interest to IRS?

Accepted Answer

Yes, banks report interest income over $10 to the IRS via Form 1099-INT, which you must include on your tax return. All interest is taxable, regardless of amount, though amounts under $10 aren't automatically reported.

Question 3

Do checking accounts earn interest?

Accepted Answer

Some checking accounts earn interest, called interest-bearing checking accounts. However, rates are typically lower than savings accounts. Many standard checking accounts don't pay interest at all.

Question 4

Can I withdraw from a CD early?

Accepted Answer

Yes, but early withdrawal penalties typically equal 3-12 months of interest, depending on the term. Some no-penalty CDs allow early withdrawal but offer lower rates. Check your CD terms before investing.

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Frequently Asked Questions

How do business loans differ from personal loans?

Do I need to report bank interest to IRS?

Do checking accounts earn interest?

Can I withdraw from a CD early?

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