Trivia questions (5 of 15)
- Multiple Choice
1. Officially an agency of the U.S. Department of Treasury, what does the acronym IRS stand for?
IRS stands for Internal Revenue Service. The agency processes over 250 million income tax returns annually from individuals and businesses.
Initially formed in 1862, the IRS has evolved over time from its original task of levying taxes to fund the Civil War.
- Multiple Choice
2. Which of the following tax forms is typically used to file a personal income tax return?
Form 1040 is the United States Individual Income Tax Return form used for personal federal income tax returns. It has been in existence since 1913, and most taxpayers file this form annually to report their income and claim tax deductions or credits.
- Multiple Choice
3. In what year did Tax Day temporarily move to July 15 due to the COVID-19 pandemic?
In 2020, due to the COVID-19 pandemic, the traditional Tax Day in the United States, which usually falls on April 15, was extended to July 15.
It was the first time in history that the IRS moved the national filing deadline three months forward.
- Multiple Choice
4. Which of the following is a common tax deduction for homeowners?
Mortgage interest is a common tax deduction available to homeowners. This tax incentive is designed to encourage home ownership and alleviate some of the financial burden associated with buying property.
- Multiple Choice
5. What is the term on a tax form for income before any deductions or exemptions are removed from it?
On a tax form, Gross Income refers to total income before subtracting any deductions, taxes, or exemptions. It includes all earnings, such as wages, salaries, bonuses, dividends, and rental income, that a person or company receives.
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