Welcome, my friends, to another edition of the Heritage Wealth Planning YouTube channel. Today, we're going to do part two on how to save taxes under the new tax bill. I want to bring up again that I'm going to show you the 1040 form from 2017, so it's not specific to 2018. However, the concepts are still applicable. When looking at tax forms, the first thing to consider is wages, salaries, and tips, which is line 7. If you're self-employed, there are various deductions you can make around that. But if you're a W-2 employee, there isn't much you can do about it. You just have to pay tax on those earnings. Now, let's talk about two important numbers on this form: taxable interest and tax-exempt interest. Line 8a is for taxable interest, which includes income from CDs, government bonds, corporate bonds, and other interest-generating sources. It's important to note that taxable interest is considered ordinary income. Line 9a is for tax-exempt interest, which primarily includes income from municipal bonds. Remember, tax-exempt interest is part of your modified adjusted gross income (MAGI). Anything derived from your MAGI, such as Medicare B and D premiums and Social Security, will be affected by it. If you're retired or about to take Social Security and/or Medicare Part B, it's crucial to consider both tax-exempt interest and Social Security income. In conclusion, understanding these lines on the 1040 form and their implications can help you make informed decisions regarding your taxes. Stay tuned for more valuable information on the Heritage Wealth Planning YouTube channel.
Award-winning PDF software
What is the irs interest rate for 2023-2024 Form: What You Should Know
Feds, Interest Rates for The Same Years 2022 Interest Rates By Category ; Underpayment, 6.4%, 5.9%, 5.8% ; Bankruptcy (Bankruptcy, 5.8%), Bankruptcy 1.9%, Bankruptcy 1%, Bankruptcy 0.0% (Bankruptcy); GATT (part of a corporate overpayment exceeding 2,500), 4.5% Interest rates for the same years are same as prior year. 26 CFR 301.6621-1: Interest rate. Applicable Federal Rates | Internal Revenue 2022 Interest Rates By Category ; Bankruptcy, 5.8% Interest rates for the same years are same as prior year. 26 CFR 301.6621-1: Interest rate. Applicable Federal Rates | Internal Revenue 2020 Interest Rates By Category ; Non-Bankruptcy (GATT 0.0%), Non-Bankruptcy 0%, GATT 1%-3.2 % ; Bankruptcy, 5.8% Interest rates for the same years are same as prior year. 26 CFR 301.6621-1: Interest rate. Applicable Federal Rates | Internal Revenue 2020 Interest Rates By Category ; Bankruptcy, 5.8% Interest rates for the same years are same as prior year. 26 CFR 301.6621-1: Interest rate. Applicable Federal Rates | Internal Revenue 2020 Interest Rates By Category ; Non-Bankruptcy (GATT 0.0%), Non-Bankruptcy 1.2% ; Bankruptcy (Bankruptcy 0%), Bankruptcy 0.0% (Bankruptcy); GATT (Part of a corporate overpayment exceeding 10k), 4.5% Interest rates for the same years are same as prior year. 26 CFR 301.6621-1: Interest rate.
online solutions help you to manage your record administration along with raise the efficiency of the workflows. Stick to the fast guide to do Form 2220, steer clear of blunders along with furnish it in a timely manner:
How to complete any Form 2220 Online: - On the site with all the document, click on Begin immediately along with complete for the editor.
- Use your indications to submit established track record areas.
- Add your own info and speak to data.
- Make sure that you enter correct details and numbers throughout suitable areas.
- Very carefully confirm the content of the form as well as grammar along with punctuational.
- Navigate to Support area when you have questions or perhaps handle our assistance team.
- Place an electronic digital unique in your Form 2220 by using Sign Device.
- After the form is fully gone, media Completed.
- Deliver the particular prepared document by way of electronic mail or facsimile, art print it out or perhaps reduce the gadget.
PDF editor permits you to help make changes to your Form 2220 from the internet connected gadget, personalize it based on your requirements, indicator this in electronic format and also disperse differently.
Video instructions and help with filling out and completing What is the irs interest rate for 2023-2024
