Taxes
What forms do I need to file my taxes?
Form 1040, W-2, and 1099
What are ways to save?(3 answers)
1. Budgeting
2. Fix your spending habits
3. Open a savings account
What is one way to budget?
Make a plan on what you spend money on and what you save
What is an overdraft fee?
An overdraft fee is a charge levied by a bank when a customer spends more money than they have available in their account, usually a checking account.
What is auto insurance?
Auto insurance, also known as car insurance, is a contract between you and an insurance company where you pay a premium in exchange for their promise to cover certain losses related to accidents or other covered events involving your vehicle.
What is the deadline for filing federal income taxes?
April 15th
What is a savings account?
A savings account is a type of bank account designed for storing money you don't need to spend immediately, with the goal of earning interest on your deposits.
What is a budget?
A budget is a written plan that outlines your expected income and expenses over a specific period, such as a month or year.
What is the APR(annual percentage rate)?
The APR (Annual Percentage Rate) represents the total cost of borrowing money, expressed as a yearly percentage, including the interest rate and any fees associated with the loan.
What is home owners insurance?
Homeowners insurance is a type of property insurance that protects your home and its contents from various risks, including damage from fire, theft, and other accidents.
What do I do if I can't pay my taxes on time?
1. File tax return,
2. Pay as much as you can
3. Set up payment plan
What is an emergency fund?
An emergency fund is a sum of money set aside to cover unexpected expenses and financial emergencies.
What are fixed expenses?
Fixed expenses are costs that remain consistent from month to month, meaning they don't fluctuate significantly based on usage or other factors.
What is a good credit score?
A "good" credit score typically falls within the range of 670 to 739 for FICO scores. Scores in the mid-600s to mid-700s are generally considered good.
What is health insurance?
Health insurance is a contract between an individual or group and an insurance company that helps protect against the financial burden of medical expenses.
What are the consequences of not paying taxes?
Penalties and interest can add up
What is interest?
Interest is the cost of borrowing money, typically expressed as a percentage of the principal amount.
What is budgetary control?
Budgetary control is a process that ensures financial resources are used efficiently and effectively by comparing planned expenditures (the budget) to actual expenditures and making adjustments as needed.
What is bankruptcy?
Bankruptcy is a legal process that provides individuals or businesses with relief from debts they cannot repay.
What is an insurance claim?
An insurance claim is a formal request a policyholder makes to their insurance company for payment after a covered incident has occurred, like a car accident, a fire, or a hospital stay.
What are the tax implications of selling a property?
You may owe captial gains tax on the profit
What is compound interest?
Compound interest is interest accumulated from a principal sum and previously accumulated interest. It is the result of reinvesting or retaining interest that would otherwise be paid out, or of the accumulation of debts from a borrower.
What is a long-term budget?
A long-term budget is a financial plan that forecasts income and expenses over an extended period, typically three to five years or even longer.
What is debt collection?
Debt collection is the process by which a debt collector, often a third-party agency or a creditor's in-house team, attempts to recover unpaid debts from a debtor.
What is out of pocket expense?
An out-of-pocket expense is a payment made directly from a person's own funds for a service or item, often related to healthcare, business, or personal expenses, that is not reimbursed by insurance or another party.