Understanding Tax Filing for 2024

Why is it important to file taxes?

• To increase your paycheck withholding

• To avoid paying any taxes

• To confirm the amount owed versus paid

• To ensure you pay more than you owe

What is the purpose of the standard deduction?

• To increase the amount of taxes owed

• To increase your taxable income

• To lower your taxable income

• To eliminate the need for tax filing

Which method of filing taxes involves doing the math yourself?

• Using a mobile app

• Using tax software

• Hiring a professional

• Filing manually

What is a benefit of using tax preparation software?

• It simplifies the filing process

• It is always free

• It guarantees a refund

• It eliminates the need for documents

How do deductions affect your taxes?

• They increase your taxable income

• They reduce your taxable income

• They increase the amount of tax you owe

• They have no effect on taxes

What is the value of the child tax credit for 2024?

• $1,000 per child

• $2,000 per child

• $4,000 per child

• $3,000 per child

Which document shows your income and tax withheld by your employer?

• 1099 form

• 1098 form

• W2 form

• 1040 form

Why is it important to report all income accurately?

• To avoid receiving a letter from the IRS

• To increase your refund

• To reduce your tax liability

• To avoid paying any taxes

What is a benefit of e-filing your tax return?

• It is faster and more secure

• It is less secure

• It guarantees a larger refund

• It takes longer to process

When are taxes due for the 2024 tax year?

• March 15, 2025

• April 15, 2025

• May 15, 2025

• June 15, 2025