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What are the benefits of having prewritten software?
Failure to Pay
A situation where an individual or corporation does not meet the due date for payment of taxes owed, potentially resulting in penalties.
Automatic Extension
An allowance by the IRS that gives taxpayers an additional period to file their tax returns without penalty.
Tax Return
A document filed with a tax authority that reports income, expenses, and other relevant financial information, used to calculate tax liability.
Marginal Tax Rate
The rate at which the last dollar of a taxpayer's income is taxed, indicating the rate of tax applied to their highest level of income.
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