April is National Financial Literacy Month. To mark the occasion, MarketWatch will publish a series of “Financial Fitness” articles to help readers improve their fiscal health, and offer advice on how to save, invest and spend their money wisely. Read more here.
But a little bit of understanding can help — at least a bit. As Tax Day approaches, MarketWatch has come up with a quiz to test reader knowledge. b. Because of calendar quirks. April 15 is a Saturday, while Monday, April 17, is a holiday in Washington D.C.2. What’s generally better for lowering taxes, a tax credit or a tax deduction?
a. True. The extension allows six extra months on the filing and payment obligations, on the condition that the IRS agrees to a payment plan. a. False. The “failure to pay” penalty is worth 0.5% of the amount of unpaid taxes per month, or part of the month, where the taxes are not paid. The “failure to file” penalty is 5% of the unpaid tax per month or part of the month where the taxes are not paid.
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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