8.4 - Filing Your Taxes

What do you need to file your tax return?

• Credit card details and utility bills

• Bank account number and passport

• Social security number and income statement

• Driver's license and birth certificate

What is the difference between tax credits and tax deductions?

• Tax credits reduce the amount of tax you owe, while tax deductions reduce your taxable income

• Tax credits increase the amount of tax you owe, while tax deductions reduce your taxable income

• Tax credits reduce your taxable income, while tax deductions reduce the amount of tax you owe

• Tax credits increase your taxable income, while tax deductions reduce the amount of tax you owe

How can tax credits and tax deductions lower your overall tax burden?

• By reducing the amount of tax you owe

• By increasing your taxable income

• By increasing the amount of tax you owe

• By reducing your taxable income

How can you pay back any taxes you owe?

• By asking for an extension every year

• By not filing a tax return

• By setting up a payment plan with the IRS

• By ignoring the taxes and hoping they go away

How can you maximize a tax refund?

• By not claiming any deductions or credits

• By filing your tax return early

• By not filing a tax return at all

• By claiming all eligible deductions and credits

What fees and penalties will you incur if you fail to file a tax return or pay back taxes owed?

• A discount on next year's taxes

• A small processing fee

• No fees or penalties

• Late filing fees and interest on unpaid taxes

What is the penalty for failing to file a tax return?

• No penalty for late filing

• 5% of the unpaid taxes for each month the return is late, up to a maximum of 25%

• 10% of the unpaid taxes for each month the return is late, up to a maximum of 50%

• 20% of the unpaid taxes for each month the return is late, up to a maximum of 100%

What is the penalty for failing to pay back taxes owed?

• No penalty for late payment

• 5% of the unpaid taxes for each month the payment is late, up to a maximum of 50%

• 0.5% of the unpaid taxes for each month the payment is late, up to a maximum of 25%

• 20% of the unpaid taxes for each month the payment is late, up to a maximum of 100%

What is the deadline for filing a tax return?

• July 4th

• February 29th

• December 25th

• April 15th

1. To file your tax return, you need all of the following EXCEPT…

• 1. W-2 Forms from all employers

• 1. W-4 Forms from all employers

• 1. 1040 Form

• 1. Social Security Number or Tax ID Number