Everything Your Nonprofit Needs to Know About the Form 990 Balance Sheet

Not-for-profit organizations generally stay tax-exempt but still have to file Form 990 to let the IRS know the way they use their donations and resources to stay exempted from tax. The Form 990 balance sheet statements testify to their financial position and are essential to substantiate the transparency of the Nonprofit business. This form is made public to make it easy for donors and other people interested in supporting the cause to evaluate the organization before supporting...

What happens if I file form 4868 late?

The tax filers of the United States can use Form 4868, to avail automatic extension of time to file the individual income tax return. By filling out this Form, the citizens can avail time extension only for the paperwork. It is important to note that filing Form 4868 does not entitle late payment of taxes. They should pay the tax amount they owe to the IRS, well within the deadline.  What if I file Form 4868 late?...

When can I file my 2021 taxes 2022?

The Internal Revenue Service announced that the Nation’s tax season will start on January 24th, 2022. The Tax agencies will begin accepting and processing the 2021 tax returns after this date. The IRS encourages the citizens to have all the information they require in hand, to complete and return the tax Forms accurately. Accuracy of the tax form helps in reducing processing delays, and delays in refunds as well.  The due date for filing 2021 tax returns:...

Form 1099-PATR, Taxable Distributions Received from Cooperatives

If you have received distributions from co-operative societies, the IRS considers this as taxable income and expects its citizens to report this revenue in the IRS tax Form 1099- PATR. This is a tax form that helps taxpayers to report their income from less-familiar sources. Taxpayers will receive this Form from the co-operatives if they were paid at least $10 as dividends or other distributions from the co-operatives in the previous tax year.  Apart from distributions the...

Form 1099-Q, Payments from Qualified Education Programs

Some students save up for their tuition fees and contribute money to some qualified tuition programs such as the Coverdell ESA or a 529 Plan. After they have saved up and when they withdraw money from the account to pay the school expenses for the year, then they should report this in Form 1099-Q. This is considered as taxable income and they will receive Form 1099-Q to report all the withdrawals that they have made through the...

What is the purpose of a 1040 tax form? E-file 1040 Form Now!

Form 1040 helps the citizens of the United States to report their taxes with the Internal Revenue Service. This is the standard tax Form that the taxpayers use to file their tax returns. There are many dedicated sections in this tax Form that allows the taxpayers to disclose their taxable income for the financial year and also determine if they owe a tax refund or additional taxes to pay. What is asked in Form 1040? Form 1040...

Duedate/Deadline for E-filing 1098 and 1099 forms

Deadlines are important for IRS tax Forms, which is the date by which something has to be done. It is generally the date by which the tax return or the document reporting the taxes reaches the IRS. The important IRS Forms are the 1098 and the 1099 Forms. It is mandatory to file them before the deadline to prevent penalties, which could be a huge tax burden. IRS Tax Form 1099 and 1098 Forms IRS tax Form...

 How Do I Get a 1098 Mortgage Interest Statement for the IRS?

The IRS Tax Form 1098 is for reporting Mortgage interest statements. It helps taxpayers report their interest and related expenses paid on a mortgage during the tax year. If the mortgage amount exceeds $600 or more, taxpayers use this form to report their interest amounts.\ The purpose of Form 1098 Moneylenders use Form 1098 to report their excess interest payments. If they receive more than $600 as interest payments for the tax year they use this form...

Does a 1098-T Tuition Statement Help Increase Your Tax Refund?

Colleges in the United States send Form 1098-T or tuition statements to their students. This tax Form is mandatory to file the taxes, and it increases the tax refund. It qualifies the students for education-relevant tax benefits, lifetime learning credit, deduction on tuition fees, etc. What is Form 1098-T? This tax Form gives the amount, the taxpayer paid for qualified educational expenses during the tax year. Eligible institutions like colleges, vocational schools, and universities send this Form...

When is form 1099 due?

Form 1099 belongs to the Internal Revenue Service of the United States and is used by its citizens and businesses to disclose information about their income and their business. There are many types of these Forms and Form 1099s are used to disclose information about the salaries, wages, tips, interests, and dividends earned by the taxpayer. Payments to independent contractors, Income from rental property, and dividends and interests, are also reported here. When it comes to the...