JOURNAL ACTIVITY- Topic 5 Complete this activity on separate paper. Submit through the app once complete. April 15" is a big day in America! It is the day Uncle Sam holds out his hand, waiting for whatever you may owe. For many of us, the end result is a refund. But if you don't plan well, you might find yourself writing out a check for a large sum to the IRS. Or worse, paying large penalties! 1. What is the IRS and what is its function? 2. How do deductions and exemptions benefit taxpayers? 3. How do you qualify for a tax refund? 4. What are the pros and cons of having a large amount of money withheld for taxes? 5. What are the pros and cons of electronically filing your taxes