8868 Nonprofit Tax Extension Due date/Deadline for 2022

Form 8868 is the extension form obtained from the Internal Revenue Service for an automatic extension of six months to file Form 990. This form can be used by charities, non-profit organizations, and others who have tax exemptions. This automatic extension is applicable for these organizations, without having to submit a valid reason for extension with the IRS.  Deadline/DueDate for Form 8868 The deadline to fill and submit Form 8868 is May 16, 2022. For fiscal year...

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...

April 18-Today is the Deadline to File your Business Tax Extension!

April 18 is the last day to file the tax returns for the citizens of the United States. Those who have failed to prepare their tax returns by this time can file the tax extensions. The last date to file the tax extensions is also April 18th, 2022. If you fail to complete your tax returns by April 18th and fail to file the tax extension, and if you owe the IRS, then the IRS would charge...

Due date for 1040 individual tax is 18 April during 2022 Tax Year

Tax Day is the day on which the citizens of the United States file their individual income tax returns with the Federal Government. The due date for filing the IRS tax Form 1040 for the individual tax returns is 15th April. For the year 2022, the tax day is postponed to April 18th, as April 15th is a public holiday, followed by the weekend. The tax deadline is April 19th, for those who live in Maine or Massachusetts....

Form 1040, U.S. Individual Income Tax Return | E-file Form 1040 Now!

Form 1040 is used by the citizens of the United States to report their income tax with the IRS. This form helps the IRS to calculate the total taxable income of the taxpayer and the number of refunds that the taxpayer has to get from the government. The due date for filing this tax Form is the 15th of April of the tax year. If this date falls on a weekend or a legal holiday, then the...

1040 form filing state requirements for the following states (Virginia, Mary Land, South Carolina, North Carolina, and Georgia)

IRS Form 1040 is used by the taxpayers of the United States to file their annual income tax returns. This tax Form calculates the total taxable income of the taxpayer and determines tax that is to be paid or refunded by the Government. But the tax requirements vary between the different states of the United States and the citizens may be required to pay additional state taxes or file multiple state tax returns, depending on where they...