Is the Interest Amount We Paid to the IRS Deductible?

Is the Interest Amount We Paid to the IRS Deductible?
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday 0:00
Good 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.

Dr. Friday 0:13
I’ve had this question many times. This 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 may 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.

Announcer 0:52
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.