Take the stress out of tax season with the MarketWatch tax quiz.
Millions of Americans file taxes every year in a process that might fill more than a few people with anxiety and confusion.
Part of the stress could be related to people’s lack of familiarity with how tax rules work. That’s no blame, considering the arcane twists and turns of an intricate tax code that changes with new laws, and has certain provisions pegged to inflation rates.Aggravation about tax-code complications is rising, by one count. More than one half of people say the tax code’s complexity bothers them a lot, according to a Pew Research Center poll released in early April.
And if you pass with flying colors, try this MarketWatch quiz to test your savvy in other parts of your financial life.a. Because of extra time needed to process income tax returns and field phone calls from taxpayers. b. A tax deduction, which lowers taxable income before the current tax bill is calculated while the tax credit is a credit to taxes owed in future years, and reduces tax liability at a later date.3. The IRS says it usually issues refunds how long from the time a taxpayer electronically files a return?4. Filing an extension gives you more time to pay any owed taxes, true or false?
5. For overdue taxes, the consequence of failing to pay taxes is more harsh than the consequences of failing to file a tax return, true or false? b: “Bracket creep” is a tax-planning strategy to reduce taxable income so that the taxpayer only creeps incrementally into higher tax brackets.
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