Do I have to pay taxes on a high yield savings account?
The IRS views interest on a savings account as earned income, whether it's $1 or $1,000. So, if you received interest on a ...
Qualified Dividend Income: Edging Out Bond Interest When It Comes To Taxes
Dividend-paying equities offer upside potential from capital appreciation and dividend growth, whereas bonds typically pay ...
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CD Interest Is Taxable. Here's How to Report It (and What You'll Pay)
Unlike savings accounts, whose rates can change anytime, your CD rate is fixed for the entire term, so your earnings are ...
Are IRS Penalties Tax Deductible?
The U.S. tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service. However, they may ...
What Are the Tax Rates for the Alternative Minimum Tax (AMT)?
The Alternative Minimum Tax (AMT) is a parallel income tax system designed to ensure that high-income individuals pay a ...