ETAX1099BLOG

Interest Rates Remain the Same for the Third Quarter

Last month the Internal Revenue Service (IRS) declared that there is no change in the interest rates and it is the same for the calendar quarter, which starts from July 1, 2018. IRS Interest Rates Every year, the Internal Revenue Service announces the interest rates for every quarter of the year. However, few of the taxpayers are not aware of how the interest rates work on their tax payment. What does the interest rate do? When a...

Need to Know About Taxable and Nontaxable Income

A taxpayer can reduce the tax liability when he/she knows what to claim as taxable and nontaxable income. A person can receive income in many forms such as salaries, wages, tips, interests, and commissions. According to accountant Caroline Thompson, “Consider all the income that increases the wealth as taxable”.  Apart from that, there is little left out to be nontaxable. The government lists the items that are not taxable and mentions the circumstances when the items occur...