Personal Finance Courses: Taxes

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1.
What kind of retirement planning contributions can help you save money on filing your taxes currently?
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A traditional IRA. Contributions to a traditional IRA can help you save money on filing your taxes currently. Roth 401(k)s cannot, and health savings accounts are not retirement plans.
2.
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.
3.
Social Security is a federal _______.
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Retirement and disability income program.
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.
What type of tax increases as your income increases?
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Progressive tax. Income tax is an example of a progressive tax.