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Should you do your own taxes?
Do you need help preparing your tax return, or should you try to do it yourself? The following quiz can help give you an idea of how well you understand tax concepts and current tax laws. There are 25 questions, and each question is worth four points.
1.
Which would you rather have?
A credit of $100.
A deductible expense of $100.
A capital gain of $100.
A deductible loss of $100.
2.
The following are always included in your income except:
A bonus of $100.
Alimony received of $100.
Unemployment compensation of $100.
Social Security payments of $100.
3.
Which of the following is normally not deductible?
The fair market value of old clothes given to a charity.
Personal credit card interest.
Job-hunting expenses.
Tax planning advice.
4.
Which of the following is normally not deductible?
Home equity interest on principal borrowed in excess of $100,000.
Long-distance charges for calls to your investment broker.
A subscription to Value Line for investment purposes.
Business compensation paid to your children under age 18.
5.
Which of the following is not deductible as a medical expense?
Life insurance premiums.
Expense of transportation to physician's appointments.
Swim club dues when a physician has prescribed swimming to alleviate a medical condition.
Whirlpool treatments prescribed for your arthritis.
Data providers
Copyright © 2009
Thomson Reuters
.
Click for Restrictions.
Quotes supplied by
Interactive Data
.
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