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Worksheets8.4 - Filing Your Taxes
Total questions: 11
Worksheet time: 6mins
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
To file your tax return, you need all of the following EXCEPT…
W-2 Forms from all employers
W-4 Forms from all employers
1040 Form
Social Security Number or Tax ID Number
The most expensive way to file your taxes is....
Paper filing
Tax Prep Software
Professional Tax Prepar
Though your employer
