Question 1

What is IBAN number?

Accepted Answer

IBAN (International Bank Account Number) is a standardized international numbering system for bank accounts, used primarily in Europe and other countries. It contains up to 34 characters identifying country, bank, and account.

Question 2

Do I need a business account for my small business?

Accepted Answer

Yes, especially for LLCs and corporations to maintain legal separation. Sole proprietors can use personal accounts initially, but a business account simplifies bookkeeping, tax preparation, and looks more professional to clients.

Question 3

What is a down payment on a mortgage?

Accepted Answer

A down payment is the upfront cash you pay toward the home's purchase price. It's typically expressed as a percentage (e.g., 20%, 10%, 3%). A larger down payment reduces your loan amount, may eliminate mortgage insurance, lowers monthly payments, and can secure better interest rates. Minimum down payments vary by loan type.

Question 4

Do I need to report bank interest to IRS?

Accepted Answer

Yes, banks report interest income over $10 to the IRS via Form 1099-INT, which you must include on your tax return. All interest is taxable, regardless of amount, though amounts under $10 aren't automatically reported.

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Frequently Asked Questions

What is IBAN number?

Do I need a business account for my small business?

What is a down payment on a mortgage?

Do I need to report bank interest to IRS?

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