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The Federalists saw that the new country needed a strong centralized government to solve problems. Federalists thought that the Constitution defined and divided powers of government between the state level and the federal level.

One awesome thing that you can take advantage of is compound interest. It may sound like an intimidating term, but it really isn't once you know what it means. Here's a little secret: compound interest is a millionaire's best friend. It's really free money.

In other words, it is the amount of money a person earns from their 9-5 job. Passive income is income generated on a regular basis with little effort like rental properties, blogs, or YouTube channels. Investment income is the money earned from investments like stocks or bonds.

What kind of money counts as income? All the money you receive, including money from your job and gifts like birthday money. The primary reason people don't budget is because they lack the behavior to stick to a budget.

Capital gains If you sell an asset for more than you paid for it, your profit (minus your cost basis) is called a capital gain. Short-term capital gains are profits from selling assets you own for a year or less. They're usually taxed at ordinary income tax rates (10%, 12%, 22%, 24%, 32%, 35%, or 37%).

Key Points. Earned income is the money you make in salary, wages, commissions, or tips. Investment income is money you make by selling something for more than you paid for it. Passive income is money you make from something you own, without selling it.

To help fund public works and services—and to build and maintain the infrastructure used in a country—a government usually taxes its individual and corporate residents. The tax collected is used for the betterment of the economy and all who are living in it.

One way that I could make tax season easier on myself is by hiring a trained professional to help me do my taxes. Another way would be to get help through a trusted online tax service like turbo tax. Lastly, I could write down or jot down a schedule to help me keep track of the forms has to file.