HOW STUFF WORKS
QUIZZES

FOLLOW US
The Ultimate Managing Your Taxes by Online Banking Quiz
by Staff
Paying your taxes online is a safe, convenient and efficient way to file your tax returns. Software packages walk you through the process with guidelines to follow and caveats to heed, which makes paying Uncle Sam easier than ever. Take this quiz and find out how easy it is to fill out those tax forms.

What is the deadline for filing tax returns in the US?

  • the ides of March
  • Apr-11
  • Apr-15

When doing your taxes online, what is an important criterion to ensure that the Web site is secure?

  • a valid security certificate
  • a large number of users
  • the advice of a friend

According to the IRS, how many people filed their taxes online in 2008?

  • 50 million
  • 90 million
  • 100 million

When doing your taxes online, how do your receipts and written records come into play?

  • You don’t need them.
  • You keep them on file in your office.
  • You send them to your bank.

How do some banks help prepare you for tax time during the year?

  • They send you monthly notices to save the date.
  • They let you tag tax-deductible expenses.
  • They provide an ask-the auditor Web site

What is one of the advantages of filing your taxes online?

  • You know that your tax return is going to the right place.
  • You can start your own small business by doing it for others.
  • You can do it any time of year.

If you’re eligible for a tax refund, how can you find out when you’ll receive it?

  • You can call the IRS hotline.
  • You can track it online.
  • You can go to your bank and ask the manager.

What is TurboTax?

  • a software package
  • tax-deductible expenses for heat and electricity
  • tax on luxury items like yachts or sports cars

What is one of the operational functions that TurboTax performs?

  • spell checking
  • calculating
  • fact checking

According to the IRS, what is a common factor among people who file their tax returns at the last minute?

  • They have the least complicated forms to fill out.
  • They are the first ones to receive their tax refunds.
  • They make more mistakes on their returns.

What is one of the most common errors people make when filling out their tax returns?

  • They forget to sign it.
  • They put in the wrong phone number.
  • They leave out the section about their dependants.

What costs the IRS less to process -- an electronic file or one done on paper?

  • an electronic file
  • one on paper
  • both the same

Does the IRS ever make mistakes in its calculations?

  • never
  • sometimes
  • often

Where can you get information about the latest changes in tax codes?

  • on the IRS Web site
  • on the IRS hotline
  • at your bank

In the realm of tax returns, what is Form 1040-X?

  • a tax return for new immigrants
  • a tax return for newlyweds
  • an amended tax return

Why should you keep a copy of your income tax returns?

  • because the IRS often loses them
  • to help you track trends in your income taxes
  • because the IRS sometimes performs post-filing spot checks

What do Marcus Schrenker and Mark Vaughan have in common?

  • They were the co-founders of Marks and Spencer.
  • They were the lawyers in the Luciano Pavarotti tax evasion case.
  • They both tried to avoid paying taxes by faking their own death.

What is phishing?

  • an e-mail scam to try to gather personal financial information
  • hiding money from the IRS in an offshore bank account
  • filing a phony income tax return

Which one of the following is NOT a tax-deductible item?

  • a charitable donation
  • medical expenses
  • a family car

What should you do if you can’t afford to pay all your taxes at tax time?

  • Take out a loan from the bank.
  • File an installment agreement request.
  • Don’t file a tax return.