Your bank or credit union should send you a Form 1099-INT showing any interest your account earned over $10. But you must report any amount of interest you earn on a deposit account, even if it's ...

The spotlight is on the Capital Markets Efficiency Promotion Act (CMEPA), signed into law by President Ferdinand “Bongbong” ...

Malacañang on Friday debunked misleading claims online that a 20 percent tax will be imposed on bank savings, clarifying that ...

Any interest earned in a traditional or high yield savings account must be listed on your tax return, whether it's $1 or $1,000. If you earn at least $10 interest, your financial institution ...

So, if you had a high-yield savings account in 2024 that paid an APY of 5.25% and you got a $200 bonus for opening the account, you’d pay taxes on the interest earned at 5.25% as well as the ...

Public backlash is growing over parts of the Capital Market Efficiency Promotion Act (CMEPA), particularly provisions on ...

The Department of Finance clarifies that the 20% tax under the Capital Markets Efficiency Promotion Act (CMEPA) applies only ...

Though it’s impossible to avoid paying taxes on interest income, some taxpayers might consider investing more money in tax-advantaged accounts—like 529 plans, health savings accounts, IRAs ...

A child’s savings account almost always offers a tax advantage—and if you shop around, it could also earn a much higher APY ...

Key takeaways. When your business earns interest in a business savings account, you’ll need to report those earnings on your company’s — and likely your personal — tax return.