Personal Finance Courses: Taxes

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1.
If you are taking tax deductions for meals, car expenses, and travel, you are most likely _______.
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A small business owner. Small business owners get to deduct a lot of expenses from their income, thus saving them money. This is one of the perks of being in business for yourself.
2.
How do IRAs, 401k plans, health savings accounts and flexible spending accounts help lower your income taxes?
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You get to deduct the money you contribute to them from your income. When you deduct the contributions you make to them, there is less money for you to be taxed on.
3.
The various income tax filing statuses include _______.
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All of the above. There are several statuses that determine your rate.
4.
What is the standard U.S. individual tax return called?
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The 1040. IRS Form 1040 is the standard form.
5.
All other factors being equal, waiting until which age would let you receive the most Social Security benefits?
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70. The longer you wait, up until age 70, the more you will receive in Social Security benefits.