Taxes Quizzes-If you are unable to pay your taxes

Answer to Quiz

If you are unable to pay your taxes on the due date, what choices do you have?

Answer: (b), request an extension of time to pay your taxes, apply for an installment agreement, or use a credit card to pay the IRS what is owed. See www.irs.gov

Next Quiz:

The "over 55 home sale exemption":

(a) Allows up to $250,000 tax free gains ($500,000 for couples) on the sale of a principal residence by homeowners over 55
(b) Allows persons over 55 to sell their house tax free so long as they purchase a new home at the same price or more
(c) Allows tax deferral of gains on investment property, so long as the property is "like kind"
(d) Allows accelerated depreciation for homeowners over 55

Word of the Day

Fiscal Year

"Fiscal year" is a twelve month accounting statement for a business showing the...

Fiscal Year

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