H&R Block Income Tax Course Questions And Quality Answers.

Due Diligence - Answer Requirements that tax professionals must follow when preparing income tax returns. Estimated Tax - Answer The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and certain refundable credits. Estimated Tax Voucher - Answer A statement by an individual of (1) the amount of income tax he estimates he will incur during the current taxable year on income that is not subject to withholding, (2) the excess amount over that withheld on income which is subject to withholding, and (3) his estimated self-employment tax. Exemption from Withholding - Answer Status claimed on Form W-4 directing the employer not to withhold federal income taxes from the employee. Underpayment Penalty - Answer If a taxpayer did not pay enough tax on a timely basis during the year, he may be required to pay an underpayment penalty. Two Ways to Pay as You Go - Answer Withholding and Estimated Tax Payments Form W-4 - Answer Employee's Withholding Allowance Certificate Form 4868 - Answer Application for Automatic Extension of Time To File U.S. Individual Income Tax Return Amended Return - Answer A tax return filed on Form 1040X after the original return has been filed. Closed Year - Answer A tax year for which the statute of limitations has expired.