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?...

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:...

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...

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...