Should I file taxes

What should gig workers or self-employed individuals do to avoid hefty tax bill?

• Underreport Income

• Make quarterly estimated payments

• Delay paying taxes until the end of the year

• Avoid filing taxes altogether

What should you do if you're not ready to file your taxes on time?

• File for an extension

• Wait for the IRS to contact you.

• Pay the penalty up front

• Ignore the deadline

What can further penalties or complications be related to?

• Late filings

• Missing government benefits

• Filing for an extension

• Overpaying taxes

What can be affected if you don't file your taxes in recent years

• Receipt of COVID-19 stimulus payments

• Eligibility for government benefits

• Ability to apply for mortgages

• All of the above

What is the penalty for filing taxes late?

• 2% of your tax bill per month

• 15% of your tax bill per month

• 5% of your tax bill per month

• 10% of your tax bill per month

What is the minimum penalty for filing taxes more than 60 days after the tax deadline?

• 100% of your unpaid tax

• 50% of your unpaid tax

• 75% of your unpaid tax

• 125% of your unpaid tax

What can happen if an audit finds signs of fraudulent behavior?

• Higher penalties

• Loss of government benefits

• Jail Time

• Inability to apply for federal student loans

Tags

CCSS.RI.4.3

CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.7.3

CCSS.RI.8.3

What is the potential consequence of failing to file taxes in an attempt tp avoid paying?

• Difficulty in applying for government benefits

• Criminal tax evasion charges

• additional penalties

• higher tax bill

Tags

CCSS.RI.4.3

CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.7.3

CCSS.RI.8.3