Interest Income Tax Tips

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Summary: Everyone needs tax advice. Get tips for filing your interest income taxes in this free video clip about tax deductible items.

Views: 621 | Tags: online, service, help, filing, internal, forms, files, taxes, tax, deductions, deductibles, ira, revenue

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About the Expert

Tom Choisnet Tom Choisnet was born, raised, and educated in San
Bernardino, California where he has his practice today. He has been in self-employed tax practice fo... read more

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Video Transcript

Interest Income Tax Tips

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.