Form 1098

Form 1098 Definition

The IRS uses the form 1098 for the purpose of gathering information upon an individual’s amount of interest payments and mortgage payments throughout the year. 1098 reporting is beneficial because it allows an individual to claim a 1098 deduction on the tax return.

Form 1098 Explanation

The 1098 form often times is there to help individuals realize their deductions. This is quite important because the form 1098 deduction will effectively reduce the amount of taxable income, meaning that the individual will not have to pay taxes on the interest and mortgage payments. The sorts of payments that are allowed are the mortgage payments on real estate, student loans, and vehicle loans. There is a 1098 IRS form for each of these items depending on what the individual is trying to claim as a 1098 deduction. There is even a 1098-t form which allows an individual to claim tuition fees as a deduction. Overall, the 1098 form is an effective way for individuals to reduce their amount of taxable income and save money.
form 1098
See Also:
W2 Form
Form 1099
Deferred Income Tax
Marginal Tax Rate


The Accounting Gap Between Large and Small Companies

The Accounting Gap: It’s unfortunate, but true. A large gap exists between the accounting departments of large or publicly traded companies and smaller or private companies. In our past 25 years of consulting we’ve noticed that more often than not, these smaller/private companies will fill the gap with Bookkeepers, rather than the degreed Accountants/CPAs they

Read More »

The Struggles of Private Company Accounting

Building your Accounting Department… When I meet a business owner operating at a successful $10+ mil in revenue I often hear them say “My CPA…” and I immediately know they are referring to a tax CPA. One thing ALL entrepreneurs have in common is that they have to file a tax return. So from day

Read More »

What the Current Hiring Process Costs

It’s hard for companies to realize how much they are actually spending when it comes to hiring a new employee. Once they decide it’s time to pursue a new worker, a lot of resources are used to find the perfect candidate for the job. Finding the perfect candidate within a vast number of people might

Read More »


Financial Leadership Workshop

MARCH 28TH-31ST 2022


Financial Leadership Workshop


June 12-15th, 2023

WIKI CFO® - Browse hundreds of articles