IRS rules say that interest earned on bank accounts is taxable income. If you earned a bonus when opening a new account, you ...

Tax season can be met with excitement or dread, depending on whether you're owed a refund or you owe money to the IRS. And when you owe more money than you can comfortably afford, you may be ...

But that interest comes at a price. Generally, the IRS requires you to pay federal taxes on any savings account interest you earn in a given year, regardless of whether it’s $1 or $100.

Households are carrying record levels of debt. Balances climbed to $18.04 trillion in the fourth quarter of 2024, according ...

Savers are more than forty times more likely to be liable to pay tax on their savings than they were just three years ago, ...

If you earned at least $1 from a savings account in the last year you'll need to report that amount on your federal taxes.

The Federal Reserve isn't in a rush to cut interest rates, which means you could be on the hook for more taxes next year on the interest you earn now. These moves can help you soften that blow.

You should expect to pay taxes on interest earned from the following types ... of your monthly financial statements,” says Black. Bank accounts, investment accounts, credit cards, and mortgages ...

High-yield savings accounts and CDs were much more profitable in 2024 than in prior years, potentially leaving some taxpayers with a larger tax bill. Experts say there are some ways to defer or offset ...