Tax Return Types
You must file a ____ return if a trust or estate earns more than $600 in income.
What is a "Form 1041"
As an individual, state and local taxes paid are limited to a deduction of ___ on an individual return.
What is "$10,000"
Name the form that your employer asks you to complete to determine the amount of income tax to withhold from your pay.
What is a "W-4?"
What does "IRS" stand for?
What is the "Internal Revenue Service?"
A person who lives with you and for whom you pay more than half of his or her living expenses.
What is a "dependent?"
Sole proprietorships are included on what type of return?
What is "Form 1040 (Sch. C)"
True or False:
Charitable contributions on an individual return can be limited?
What is "True"
All taxpayers must file their Income Tax return by this date.
What is "April 15?"
If you have paid more Federal Income Tax than you should have, then you will be receiving a ________.
What is a "Refund?"
True or False? Tax deductions reduce taxable income, while tax credits are subtracted directly from taxes owed.
What is "True?"
This type of entity experiences double taxation
What is "Form 1120 (C-Corp)"
Are traditional IRA contributions above the line deductions or below the line deductions?
What is "Above the line deduction"
One important tax document you will need to complete the filing of your Income Tax is your ________, which your employer must complete and send to you by January 31st?
What is a "W-2?"
Willful failure to pay taxes is called ________ ________.
What is "Tax Evasion?"
Yes or No? -- Is it taxable?
Unemployment Compensation
What is "Yes?"
As of 2022, if you gift over $16k to someone, you must file a what?
What is a "Gift Tax Return (709)"
What is the current mortgage interest limitation amount for an outstanding mortgage?
What is "$750,000"
What is the term for all the taxable income you receive?
What is "Gross Income?"
An examination of your tax return by the IRS.
What is an "Audit?"
True or False?
You can deduct all gambling losses regardless of gambling winnings.
What is "False"
Nonprofits and charities must file what kind of return?
What is a "Form 990"
Can all medical expenses be deducted or are they limited?
What is "Limited"
With regards to "alimony" versus "child support," which one is taxable income?
What is "Alimony?"
The IRS is an agency of this department, and has its headquarters in Washington, D.C.
What is the "Department of the Treasury?"
YHB is celebrating it's ____ Anniversary!