Tag Archives: Interest

Interest-ing

Today TaxMama hears from IRS, who answered some questions for tax professionals: “My client received a balance due notice on their 2005 return? Why were they charged interest from 4/15/06 when the due date was extended to 4/17/06?”

Generous Loan Unpaid

Today TaxMama hears from Ginger in San Leandro, CA, who tells us “We sold a $12,000.00 motorcycle to a friend. He was making $260.00 a month payments for 72 months. He moved to AZ and got into a wreck with the bike and the bike was totaled. Because he only paid 4 months out of […]

Oops- Forgot My Mortgage

Today TaxMama hears from Al in Phoenix, AZ, who admits. “Last year I forgot to file one of my 1098 mortgage interest statements (OOPS!). Can I file it this year? If so, How?”

Pay What?!

Today Rod from SC has some money burning a hole in his pocket. “If you had $14,000 to pay some bills, which payment would provide the best tax advantage: Pay student your loans of $14,000; Pay car note of 14,000: Or put the total into your home mortgage of $60,000? Please explain your suggestion. My […]