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Extensions should be filed on or before the original due date of the tax return. Extensions provide additional time to file but not to pay taxes owed. Timely payment is still required to avoid penalties and interest.

You may qualify for a home office deduction if you use a portion of your home regularly and exclusively for business purposes. It's important to meet specific IRS criteria for eligibility.

If you miss the tax deadline and fail to file an extension, you may be subject to penalties and interest on any unpaid taxes. The failure-to-file penalty is generally more significant than the failure-to-pay penalty. It's crucial to file either your return or an extension request by the original due date to minimize potential penalties.

Yes, if you underreport your income, you can be subject to accuracy-related penalties, which can be a percentage of the understated tax amount. In cases of fraud, the penalty can be more severe. Consult the IRS for specific penalty rates.

Roth IRAs involve after-tax contributions, and qualified withdrawals are tax-free. The maximum annual contribution limit changes each year, and eligibility is subject to income limits that may vary annually.