In this one-minute moment, Dr. Friday addresses a common tax query: “Is the interest amount paid to the IRS deductible?” Tune in to find out the answer and learn more about which interests are deductible. Plus, discover how to get in touch with Dr. Friday for all your tax-related questions.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
I’ve had this question many times because person says is the interest amount that we paid to the IRS deductible? You can probably answer this in your own head when you’re listening to this or you’re driving down the road. The answer would be no because that means you kind of get yourself in trouble and you’re paying the IRS interest. They’re not going to reward you for paying them interest. The only real interest deductible anyways is a mortgage tied to your primary home. So unless you’re a business and there may be some other circumstances in which that might apply but individuals cannot deduct interest paid to the IRS. If you’ve got questions or need help with your taxes all you want to do is call me at 615-367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.