Filing Income Taxes

What should you do if you can't make the tax filing deadline?

• File IRS Form 4868 to get an extension

• Call the IRS and tell them you are sorry for being late but it was unavoidable

• Text the IRS and tell them you will pay within the next 90 days

• File IRS Form W-4 to get an extension

The IRS does not charge interest on outstanding (unpaid) taxes you owe.

• Always true

• True if you have a valid reason

• Always false

• The IRS will waive/forgive any unpaid tax debt.

What is the regular deadline to file taxes for the previous year?

• April 15th
• June 30th

• January 15th

• September 30th

What is the purpose of filing income taxes?

• To show your disagreement about taxes to the government

• To avoid paying taxes altogether

• To increase your tax bill

• To determine if you owe additional taxes or if you are owed a refund

What happens if you owe tax money and you can't afford the full amount?

• You can file for bankruptcy to avoid paying the tax debt.
• You have the option of requesting a payment plan.

• You can try to hide your assets to avoid paying the tax debt.
• You can ignore the tax bill and hope the IRS doesn't notice.

If you are owed a tax refund, how can you receive it?

• You won't have to pay taxes the next year.

• It will automatically be applied to any credit card debts you have.

• You must go pick up your refund at the IRS.

• IRS will mail a paper check or you can have the money directly deposited.

Which is better: standard or itemized deduction?

• Always standard

• Always itemized

• Whichever is higher

• Whichever is lower

What can be deducted from your taxable income?

• Interest on student loans

• Interest on credit card debt

• Interest on car loans

• Food expenses

What is the standard deduction?

• A set deduction amount that lowers your effective tax rate

• A deduction for charitable donations

• A deduction for medical expenses

• A deduction for educational expenses

What form is used to actually file a tax return (the form where all information is transferred to)?

• W-4

• W-2

• 1099

• 1040