Question

By what date must self-employed individuals file their income tax returns?

A) December 31
B) April 30
C) June 15
D) 90 days after their fiscal year-end

Answer 1

C) June 15

In the United States, self-employed individuals must file their income tax returns by June 15th. This deadline provides additional time beyond the typical April 15th deadline for most taxpayers to accommodate the complexities of self-employed tax reporting.

Step-by-step explanation:

Self-employed individuals in the United States must adhere to different tax filing deadlines compared to regular employees. Generally, most U.S. citizens and residents must file their income tax forms by April 15th. However, for self-employed individuals, the deadline is extended to June 15th. This extension is provided because self-employed individuals often need additional time to compile and calculate their business income and expenses. It's essential to note that if June 15 falls on a weekend or a holiday, the due date might be the next business day. It's crucial for self-employed individuals to be aware of their specific deadlines to avoid penalties and interest on any taxes owed.