Navigating Your First Tax Return

When are federal income tax returns generally due?

• January 1st

• April 15th

• July 4th

• October 15th

What is a benefit of filing your tax return early?

• Avoiding identity theft

• Paying less in taxes

• Skipping the need to file a state return

• Getting a larger refund

What should you do with tax documents as they arrive?

• Store them in a safe place

• Immediately throw them away

• Only keep digital copies

• Mail them to the IRS

Which form might you receive if you worked as an independent contractor?

• Form 1098-T

• Form 1099-MISC

• Form 1040EZ

• Form W-2

What might you receive from an employer or client who paid you $600 or more?

• Nothing, unless you request it

• A bill for taxes owed

• A congratulatory letter

• Form W-2 or 1099-MISC

What is the purpose of keeping your tax documents organized?

• To avoid paying taxes

• Because the IRS requires it to be done monthly

• To impress your friends

• To simplify tax preparation and potential audits

What is the IRS 'Free File' program designed for?

• Individuals with an adjusted gross income below a certain limit

• Only students

• Businesses filing their tax returns

• Individuals over the age of 65

What is the deadline to pay any taxes owed, even if you file for an extension?

• October 15th

• December 31st

• The date you file for an extension

• April 15th

How can you receive your tax refund the fastest?

• Direct deposit into your bank account

• Check mailed to your home

• Via a tax refund loan

• Cash pickup at the IRS office

What should you do if you can't afford to pay the taxes you owe by the deadline?

• Consider an IRS payment plan

• Ignore the deadline

• Leave the country

• Only pay half of what you owe