Glossary
FSA (Flexible Spending Account), Explained Simply
An FSA lets you set aside pre-tax paycheck money to pay for everyday health costs.
Brad Schweinsburg
Glossary
Copay, Explained Simply
A copay is the fixed fee you pay for a covered health service, like $30 a visit.
Glossary
Business Tax Deduction (Write-Off), Explained Simply
A real business expense you subtract from income so you pay tax on a smaller number.
Glossary
Estimated Quarterly Taxes, Explained Simply
Tax payments you send the IRS four times a year when no one withholds taxes for you.
Glossary
EIN (Employer Identification Number), Explained Simply
A free federal ID number for your business, like a Social Security number for the company.
Glossary
LLC (Limited Liability Company), Explained Simply
A business structure that puts a legal wall between your personal assets and your business.
Glossary
Sole Proprietorship, Explained Simply
The simplest business structure, where you and your business are legally one and the same.
Glossary
Overdraft Protection, Explained Simply
A feature that covers a payment when your balance falls short, for a fee or a transfer.
Glossary
Joint Bank Account, Explained Simply
One account shared by two or more people, where everyone has full access.
Glossary
Savings Account vs Checking Account, Explained Simply
Checking is for spending, savings is for storing and earning a little interest.
Glossary
Cashier's Check, Explained Simply
A check backed by the bank's own money, made for large, serious payments.
Glossary
Money Order, Explained Simply
A prepaid, hard-to-bounce paper payment for smaller amounts when a check won't do.