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Latest revision as of 13:36, 10 March 2025

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B) Interest earned, nonetheless paid, throughout a bond year, must be accrued after the bond year and reported as taxable income for the calendar year in the fact that bond year ends.

We hear a lot about income taxes, but a majority of people don't know just how much income-related taxes they're getting to pay. We're taxed by both our federal government and our state. As the federal government takes the lion's share, I'll concentrate on its taxation.

In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% income tax bracket and accelerating some with the changes passed in the 2001 EGTRRA.

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