E-Filing Tax Returns
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Questions and Answers

What is the penalty for late e-filing of tax returns?

  • Fixed penalty of $100
  • 5% of tax due per month (correct)
  • No penalty
  • 1% of tax due per month
  • What is the deadline for e-filing tax returns?

  • 31st March
  • 31st December
  • 30th April
  • 15th July (correct)
  • What is the benefit of e-filing tax returns?

  • No need to pay taxes
  • Faster tax refunds (correct)
  • Increased audit risk
  • Higher tax rates
  • What is the maximum income limit for individuals to be eligible for e-filing tax returns in the current tax year?

    <p>$75,000</p> Signup and view all the answers

    What is the penalty for providing incorrect bank account details for tax refunds during e-filing?

    <p>$500 penalty</p> Signup and view all the answers

    Which form should a self-employed individual use for e-filing tax returns?

    <p>Form 1040-ES</p> Signup and view all the answers

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