MrAnd MrsLatt Use a Fiscal Year Ending October 31 as the the Taxable

question 21

Essay

Mr.and Mrs.Latt use a fiscal year ending October 31 as the taxable year for filing their joint Form 1040.
a.What is the last date on which the Latts can apply for an automatic extension of time to file their return for fiscal year ending October 31,2019?
b.Assuming that the Latts make a timely application,what is the extended due date for the return?

Identify the criteria for deducting moving expenses on tax returns.

Understand the tax treatment of alimony payments under divorce or separation agreements.

Grasp the requirements and benefits of Health Savings Accounts (HSAs) for taxpayers.

Recognize qualifying educational expenses and deductions available for educators.

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Definitions:

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is unattainable.

Price Discriminate

The practice of selling the same product or service at different prices to different customers, often based on their willingness to pay.

Hardcover Books

Books characterized by rigid covers and spine, typically designed for durability and long-term use.

Profits

The financial gain made in a transaction or operation, calculated as the difference between revenue and expenses.