Refinancing allows borrowers to change the terms of their current loan, which can reduce their interest rate or change the loan term, but can be costly and time-consuming. A HELOC (Home Equity Line of Credit) allows borrowers to use the equity in their home to borrow money, which gives them flexibility in drawing down funds but carries risks if they default. Taking out cash to pay off other debt can help ease your financial burden immediately, but can increase your overall debt if not managed properly. Each option has its own pros and cons, depending on your personal financial needs.

W2s are tax forms employees receive from their employers that show their earnings and taxes withheld. 1099s are tax forms for people who are self-employed or receive non-wage income, with no tax withholding. An LLC (Limited Liability Company) is a business entity that provides personal liability protection for its owners, while an S-Corp is a type of business entity that allows profits to be passed through to shareholders without being taxed at the corporate level. Each entity has different tax and liability management practices, tailored to the needs of the individual or business.