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interest

Ask the taxgirl: Allowances for Kids

26 September 2009

Tweet Taxpayer asks: Hi, My husband and I have decided to open a bank account for our son. We’re going to give him an allowance every week. He gets to keep part of it and put the rest in the bank. If he saves a certain amount, he gets a bonus allowance. The point is [...]

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Ask the taxgirl: Medical Settlements

28 March 2009

Tweet Taxpayer asks: Hi Taxgirl, I seen you on Good Day Philadelphia today, and I’m glad there is someone out there that really knows what she’s talking about. I recently received a medical settlement the last week of December in 2008. The settlement I received was under 90,000, I don’t know if I have to [...]

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Ask the taxgirl: Interest less than $10

16 June 2008

Tweet Taxpayer asks: The 1099-INT instructions state, payers of interest of $10 or more are required to furnish you and the IRS with this tax information. The IRS is notified of all interest paid by financial institutions on magnetic media, but financial institutions only report interest of $10 or more. I have seen some sites [...]

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Fix The Tax Code Friday: Home Mortgage Deduction

31 August 2007

Tweet In light of Rep. Dingell’s proposal to eliminate the home mortgage deduction for houses larger than 3000 square feet, I wonder: Should the home mortgage interest deduction be limited for houses under a certain square footage? Under a certain cost? Limited to primary residences? Eliminated completely?

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Fix the Tax Code Friday: Dividends and Interest

17 August 2007

Tweet Many proponents of the flat tax have advocated for the elimination of tax on dividends and interest, leaving only a tax on wages and “earned income”. The argument for the elimination of such a tax is that it would encourage investments and savings and thus, stimulate the economy. The argument against the proposition is [...]

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