If an Individual Taxpayer Is Unable to File a Tax

question 6

True/False

If an individual taxpayer is unable to file a tax return by its original due date, the taxpayer can request an automatic nine-month extension to file the return.

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Definitions:

Price Hike

An increase in the selling price of goods or services, which can be due to factors like higher production costs, supply shortages, or increased demand.

Traceable Fixed Expense

A traceable fixed expense is a cost that can be directly linked to a specific business segment or department without influencing other areas of the business.

Net Operating Income

A measure of company profitability equal to revenue minus operating expenses, excluding taxes and interest.

Price Reduction

A decrease in the selling price of a product or service, often to increase demand or sales volume.