Interest Income Tax Tips

Series Summary

IRS! Most people see those three letters and immediately go into panic mode. Everything about income taxes seems to be a hassle. If you don't know what you are doing, you may find yourself in a world of trouble. However, how do you learn what tax deductions you are eligible for? What do you do if you get a letter from the IRS? Are you going to have to file a tax extension? Do you have to pay tax penalties? There are so many unanswered questions that loom in the gray world of the Internal Revenue Service. Although it may be best to go directly to the source, some of your questions can be resolved relatively easily. All you need to some good tax advice.

Thankfully, at Expert Village, this free video series tries to answer some of those questions. Our tax expert, Tom Choisnet, explains common tax deductions. He gives you knowledge about what kind of deductions you may be eligible for. Learn how to expense medical procedures. Also, learn how to claim deductibles on your stock options, social security, causality losses, and more. If you are curious about the world of tax deductibles, you have come to the right place. So, don't let April 15th catch you off guard! Learn about tax deductions today!

Video Transcript

"Hi, back again, I'm Tom Choisnet, enrolled agent, and I'm going to talk a little bit about...oh...wait a minute...I'll be darned. We've got a little email here that's asking a question about interest income. "What do I put on my worksheet?" And, I do have some notes here. You want to make sure that you report the impound interest that you get on your mortgage, if they impound for taxes and insurance. They'll put a little slip in your mortgage ticket, and make sure you bring that with you, in addition to the regular bank interest. The credit union dividends are interest, and they'll give you a slip accordingly. And, one other little thought about interest income is that the money market mutual funds, which are quite popular with the market being sideways, that interest is taxed as dividend. So these little tips right here, I hope they help you, and thanks for watching this clip."