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Counseling Newsletter NORTHEASTERN MIDDLE SCHOOL SPECIAL POINTS OF INTEREST: V O L U M E 3, I S S U E 2 NORTHEASTERN MIDDLE SCHOOL Guidance Lessons at NHS Guidance Web Page! Visit our guidance web
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What is interest?
Interest is the cost of borrowing money, typically calculated as a percentage of the principal loan amount.
Who is required to file interest?
Individuals or businesses that receive income from interest-bearing accounts or loans are required to report interest on their tax returns.
How to fill out interest?
Interest income can be reported on tax forms such as Form 1099-INT or Schedule B, and should be included in the appropriate section of your tax return.
What is the purpose of interest?
The purpose of interest is to compensate lenders for the use of their money and to incentivize saving and investment.
What information must be reported on interest?
Interest income, the name and address of the payer, and the amount of interest received must be reported on tax forms.
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