Need emergency cash to avoid tax penalties? Max Cash Title Loans could be the perfect solution to avoid tax penalties.2 Title loans, car title loans, or auto title loans are a sort of secured lending that could make money available regardless of bad credit or that which may appear on a credit check.
If you’re looking for title loans, start with the experts at Max Cash Title Loans! As a title loan referral service, we make the process extremely fast and effortless. If you’re ready to start the title loan process immediately, simply visit our site and apply for an online title loan.
To learn more about fast cash for tax emergencies and the title loan process with Max Cash Title Loans, continue reading below.
Taxable Account for Emergency Cash to Avoid Tax Penalties
A taxable account may be a great hunting ground for emergency money, especially if the account could use a rebalance. If you are in the 10% or 12% tax bracket, you pay no taxes on the profit. Those in high tax brackets will pay 15% or 20% on long-term earnings. (if you have held a security for less than a year, then it’s taxed at ordinary income tax rates.)
Roth IRA for Emergency Cash
Since Roth IRAs are funded with after-tax bucks, the contributions you make to them may be pulled tax-free and tax-deferred. Be careful that you don’t draw the investment profits percentage, however. If you tap into the earnings portion before you’re 59 1/2, you may pay an additional 10% penalty.
As an example, if you’ve held the Roth IRA for over five decades and you use the withdrawal to pay for unreimbursed medical expenses or health insurance if you are unemployed. Other allowable uses include the purchase of a first-time house or qualified education expenses. If you’re younger than 59 1/2 and have held the account balance for fewer than five decades, you can avoid the 10% penalty; however, you’ll still need to pay tax on the earnings portion of the withdrawal.
401(k) Loan to For the Emergency Cash You Need to Avoid Tax Penalties
Like a Roth IRA withdrawal, it is never a good idea to borrow money from an individual retirement account. This is a prime time your cash could be compounding and working for you in the marketplace. For this reason, try to maintain your contributions as you pay off your loan.
However, most 401(k) retirement plans make it relatively easy and straightforward to have a loan from your own emergency savings account. You’re expected to pay back the money, and you’ll agree to a monthly payment, including interest that you pay back to yourself. Make sure to check the rate of interest on the loan. Many times, the prices are near the prime rate; just be sure it’s reasonable.
Sell Some Company Stock for Emergency Cash to Avoid Tax Penalties
If your organization provides company stock in the form of restricted stock units or stock options, it may be a great idea to look at selling some for emergency cash.
In the end, many financial planners recommend that business stock take up just a small part of your portfolio (or perhaps none at all) –the idea being that as an employee, your personal finances are already exposed to the health of the business, so adding in a sizeable company-stock stake compounds that hazard.
Home Equity Line of Credit for Cash
Tapping into your home equity is just another way you could come up with emergency cash to avoid tax penalties. Though you are paying interest to somebody else, you are using your personal assets by borrowing against any equity you have built up in your property.
There are a few reasons home equity lines of credit have been popular recently. First off, interest rates are generally reasonable, especially for those who have a great credit score and are not taking out a considerable proportion of your home equity.
But a significant advantage to the home equity lines of credit versus other personal loans is that part or all of your interest was tax-deductible–up to $100,000–that left for interest-free or interest-advantaged loan funding.
Under the new tax plan, but this interest is no more tax-deductible, which sets these loans at a disadvantage to 401(k) loans as a source of emergency funds.
Withdrawing from a Traditional IRA for Emergency Cash to Avoid Tax Penalties
Traditional IRAs are not as adaptable as Roth IRAs in terms of premature hardship withdrawals. Most of the time, you will owe a tax penalty or a 10% early withdrawal penalty from a traditional IRA if you have made deductible contributions.
Using a Credit Card/Credit Cards to Get the Emergency Cash You Need to Avoid Tax Penalties
Credit cards provide great convenience. Not only do they save you from lugging around a large wad of money, but they also offer a grace period in which you do not accrue interest on purchases so that you can defer payment until the following billing cycle.
Get a Title Loan with Max Cash Title Loans for Emergency Cash to Avoid Tax Penalties
At Max Cash Title Loans, we’re a title loan connection service that works hard to connect individuals with prospective title loan lenders. 5
Due to how we operate, we offer a lot of unique benefits to the title loan process. We’ve got years in the lending business and can help someone navigate their title loan process with a lender.
Listed below are a few examples of the benefits that could include our process along with the title loan lenders that we work with:
Dealing with loan amounts 4
Whether you need a few hundred dollars or a few thousand because we work with several lenders, we might be able to locate a lender that fits with your requirements. 4 5 Remember that the title loan amount will be dependent on the value of your car or truck, your ability to repay the loan, and your earnings. 4
Short-term loans or long-term loans 4
The typical loan repayment length is one year, but with all the lenders that we work with, you could get more than this, or shorter.4 and so, when clients work with us, they might be more likely to locate repayment terms that better match their financial goals. 4
Quick cash once approved 1 2
When an applicant receives approval for a title loan, consent to the repayment terms, and ultimately sign the contract, they could then obtain their financing. 1 2 In some instances, funding could be made available in as little as one business day! 1 2
A hassle-free application process
The inquiry process, when working with us, as well as the lenders that we work with, is straightforward! In about four easy steps in the whole process can be complete. Finding out about pre-approval only requires a couple of minutes, and everything can be done from home!
Apply no matter your credit history
No matter what your credit score or your credit history looks like, you may apply for a title loan! Because these loans utilize a car as collateral, even with bad credit or no credit, you can qualify for funds!
Highly competitive interest rates 4
With the title loan lenders that we work with, the monthly payments start off low, to make them available for a vast array of individuals. 4 This is particularly true in comparison to similar sorts of loans and lenders out there.
Get the Help You Need with Max Cash Title Loans
When looking for a title loan start with Max Cash Title Loans! 2 At Max Cash Title Loans, all the lenders that we work with, have competitive interest rates, flexibility, and a simple application process. 4
We have years of experience in the lending industry and make sure that our clients our top priority. To find out about our loans, touch base with one of our loan specialists.2 To apply for a title loan straight away, just fill out and submit an online title loan application.