The tax video helps enlighten bond investors about common savings bond tax situations, some possible tax benefits, and informs them of potential tax liabilities before they cash in.
Spring Lake Heights, New Jersey (PRWEB) March 31, 2014
SavingsBonds.com has created a five-minute Top 5 Savings Bond Tax Tips video, just in time for tax season. The informative video, which is currently available to view on the company’s website, http://www.SavingsBonds.com, as well as on YouTube, was created to help simplify tax related issues when investing with and cashing in U.S. Savings Bonds.
The video features a mix of current and vintage graphics. It offers a similar “Americana” look and feel as the company’s other videos including Top 5 Costly Savings Bond Mistakes, Top 5 Savings Bond Myths, The SavingsBonds.com Calculator, as well as the numerous, brief Daily Bond Tips.
Topics covered in the tax video include interest income reporting requirements on income tax returns, tax implications for bonds given as gifts or received as an inheritance, tax deferment options, issuing of 1099-INT's, and some guidelines regarding the education tax exclusion. Each topic covers only the basics and is presented in an easy to understand manner.
“I was planning on cashing in my entire stack of savings bonds, but only cashed in some of them,” said S. Clarke of Arlington, VA. She adds, “I learned from the video that I would get a 1099-INT for all of the interest income on the cashed in bonds, and that amount had to be reported on my federal income tax return. I am going to speak with my tax advisor so he can help me with a cash in strategy for the bonds."
SavingsBonds.com is a consumer advocate for savings bonds owners. The video series is available on the company’s website and can also be emailed to newsletter subscribers and SavingsBonds.com VIP Members. All the videos are designed to help educate bond owners about their investment, eliminate confusion and avoid costly mistakes. The latest tax video helps enlighten bond investors about common savings bond tax situations, some possible tax benefits, and informs them of potential tax liabilities before they cash in.
About SavingsBonds.com: SavingsBonds.com is the #1 non-governmental site valuing over $1.1 billion in savings bonds. Complimentary calculator offers personalized, unique color-coded, Savings Bond Inventory Report© featuring “what this means to you,” helps bond owners avoid losing money and maximize their investment. Extensive, consumer-friendly information center, helpful videos, newsletters, current series bond rates, purchase bonds link, online and popular government forms available.
About SavingsBonds.com VIP Membership:
SavingsBonds.com VIP Members have 4 services not offered elsewhere. 1. Bond Inventory Report© available/updated 24/7 indicates current bond values, interest rates, timing, taxation and maturity issues, displayed on an easy to understand, color-coded, personalized, bond-by-bond statement. 2. Bi-monthly Alerts! © Emailed summary statements specific to Members' bond inventory, provides inventory totals, interest rates/earnings, helpful strategies regarding current and upcoming financial events, including maturity and taxation issues. 3. Cash In Report© ranks bonds in performance order. Eliminates guesswork on which bonds to cash in first. 4. Daily (Video) Bond Tips. The ultimate savings bond Membership offering superior bond management helps investors avoid forfeiture of interest, double taxation and potential IRS tax situations. Purchase bonds link, online.