TaxAudit Blog

Tag: interest

Man at desk with calculator and interest rate graphic

The IRS will calculate your interest and penalties daily and add them to the amount of tax debt you owe. Tax debt increases each day at an annual rate of 7.25%.

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Student Loan Interest Deduction

Yes, of course – well, maybe. Like many tax deductions, the student loan interest deduction for parents comes with a list of conditions that must be met.

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Percentage sign with dollar bill in the background

The interest rate charged by the IRS on back taxes is the federal short-term rate plus 3%. The rate is set every 3 months.

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Mortgage sign and keys

In regard to the personal home mortgage interest deduction on the Schedule A, the answer is yes, but only if certain criteria are met.

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This seems a simple question, and it has a simple answer, which is probably. First, all the usual requirements of deducting mortgage interest must be met.

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Woman at desk with head down on tax forms, holding a pencil and calculator.

Below is a list of misconceptions and examples of misinformation taxpayers may encounter during the upcoming tax season.

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Bowl of Ice Cream

Sometimes it only takes six little letters to strike fear in the bravest of taxpayers: IRS IOU (technically, it's not an IOU, but rather a bill).

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house on top of a green hill

My boyfriend and I are buying a house together, and the property includes a rental apartment above the garage. How should we report our rental income?

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