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November 5, 2020

NapkinFinance-IncomeTax-Napkin-07-14-20-v03

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Where’s the lie? 🤔🤣 Where’s the lie? 🤔🤣
Estimated taxes are payments to the government tha Estimated taxes are payments to the government that some people have to make four times a year. They mostly apply to freelancers and people with nonemployment income. Self-employed people and corporations typically owe estimated taxes, but you can owe for other reasons too. Here’s who is likely to be on the hook: - Contractors (aka freelancers or gig workers) - Sole proprietors - Partners in a business - Employees who also have side gig income - Anyone with significant income from asset sales or investments—whether traditional stocks and bonds, real estate rental income, or something else - Corporations Abgood rule of thumb is that you want to make sure you’ve paid at least 90% of your total tax for the year (whether through withholding or estimated payments) before you submit your annual tax return. If your nonemployment income puts you at risk of falling below that 90% mark, then you probably need to file estimated taxes. Otherwise, you could face penalties. Swipe up in today's stories to learn more about how to best calculate how much you'll owe, and when, as well as other fast Finance Tips!
💵💯 💵💯
For startups, venture capital can provide a vital For startups, venture capital can provide a vital source of cash to fund a company’s growth. For well-heeled investors, it can provide a chance to earn huge returns and get in on the ground floor of something exciting. But VC isn’t just for financier types—plenty of celebrities are active VC investors, too, including Oprah Winfrey, Ashton Kutcher, and Gwyneth Paltrow. Many of the world’s best-known and most successful companies got off the ground thanks to VC funding, including Facebook, Amazon, and Alibaba. Learn more about this often-hyped corner of the world of finance by swiping up in today's stories! Or click the link in our bio to learn more fast finance facts in 30 seconds or less.
According to the 28/36 rule, you should limit what According to the 28/36 rule, you should limit what you spend on housing to no more than 28% of your gross income (i.e., your pay before deductions for taxes), and all of your debt payments to no more than 36% of your gross income. Lenders may use the rule when deciding whether or not to approve a loan request (like if you’re applying for a mortgage). Although the rule is often cited as a guideline for managing your own finances, don’t take it to mean that you *should* spend that much on housing or debt. Because when it comes to expenses—less is almost always better. 💰 Is this rule something you personally practice? Let us know below!
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