A Taxpayer Who Files Late and Fails to Get the Proper

question 50

True/False

A taxpayer who files late and fails to get the proper extension must pay a penalty of 0.5 percent per month (up to a maximum of 25%), beginning with the due date of the tax return (usually April 15 for calendar year individuals) and ending with the date the return is filed.

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Definitions:

Learned Helplessness

A scenario where a person is burdened with feelings of inability to exert control, typically following a harrowing event or successive failures.

Confidence

The feeling of self-assurance arising from one's appreciation of one's own abilities or qualities.

Pessimistic Attitude

A mindset characterized by the expectation that negative outcomes will generally prevail over positive ones.

Self-serving Bias

The common habit of a person crediting themselves for positive outcomes or successes but attributing failures to external factors.