You Can Receive an Automatic Four Month Extension for Filing

question 85

Multiple Choice

You can receive an automatic four month extension for filing your federal tax return

• A)only if you are out of country.
• B)only if you are in the armed services.
• C)only if you are physically or mentally incapacitated.
• D)under most circumstances.

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Definitions:

Interfirm Comparisons

The analysis and evaluation of a company's performance or financial health in relation to its competitors or industry standards.

Deferred Tax Asset

An item on a company’s balance sheet that represents the difference in timing between when a tax is accrued and when it is paid, potentially reducing future tax liability.

Tax Rate Change

An alteration in the percentage at which an individual or corporation is taxed, which can affect financial planning and net income.

Temporary Difference

A difference between the carrying amount of an asset or liability in the balance sheet and its tax base that will result in taxable or deductible amounts in future years.