Tina Has a Very Complex Tax Return and It Looks

question 64

Short Answer

Tina has a very complex tax return and it looks like she will not be able to file her tax return by its due date. When is her tax return due? What are Tina's options for paying her tax due and filing her tax return this year? What are the consequences if Tina does not file or pay her tax timely? Be specific.
Tina's tax return is due April 15th. Tina may request an automatic 6 month extension to file her tax return (i.e., until October 15th). Extensions allow the taxpayer to delay filing a tax return but

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Definitions:

Economic Activity

All actions that involve producing, trading, selling, and buying goods and services within an economy.

Final Good

A product that is consumed directly by the end-user or customer and will not be used to produce any further goods or services.

Laundry Services

Services provided by businesses to clean clothing and textiles for individuals or commercial customers.

Gross Domestic Product

A measure of the economic performance of a country, reflecting the market value of all final goods and services produced within a country's borders in a given period.