Understanding Tax Filing Requirements and Deadlines

Chapter 2 - SmartBook Which of the following criteria determine whether an individual must file a tax return? (Check all that apply.) Filing status Age Gross income The gross income filing thresholds are calculated as the sum of which of the following criteria? (Check all that apply.) additional deductions for taxpayers age 65 or older standard deduction True or false: Self-employed individuals have lower gross income thresholds for tax filing than the general filing requirements. True oReason: Self-employed individuals do have lower gross income thresholds for tax filing because they are responsible for paying self-employment tax in addition to income tax. The due date for filing an individual tax return is ______ 15th (assuming the date does not fall on a holiday or a weekend day). April Which of the following statements is correct regarding extensions? An extension to file is granted automatically at the request of the taxpayer. Which of the following taxpayer characteristics are NOT factors in determining whether or not a taxpayer is required to file a tax return? (Check all that apply.) Gender Race True or false: If an individual taxpayer discovers that he has a balance due on his tax return, but he does NOT have the money to pay the amount, he should file an extension in order to extend the date at which the payment is required to be made. False oReason: An "extension" only postpones the due date of the tax return. However, the total tax liability must be paid by the original due date (typically April 15th). What is the gross income threshold for most taxpayers to determine whether a return is required to be filed? Sum of standard deduction and additional deductions for taxpayers age 65 or older. What defines the period in which a taxpayer can file an amended tax return or the IRS can assess a tax deficiency for a specific year? Statute of limitations Which type of taxpayer has lower gross income thresholds for filing than the general filing requirements? Self-employed persons oReason: Exhibit 2-1 shows the general filing requirements. As stated in the text, certain taxpayers, such as self-employed and those claimed as dependents by another taxpayer, have lower gross income thresholds that apply. Which of the following is NOT a computer initiative that helps the IRS identify tax returns that may have an understated tax liability? Statistical percentage program What is the due date for calendar-year corporate income tax returns assuming the date does NOT fall on a Saturday, Sunday or holiday?