Federal Income Tax

Step-by-step instruction on how to fill Schedule B of Form 1040 to report Interest and Ordinary Dividends received during the tax year 2021. Moreover, every taxpayer who receives more than $1,500 in taxable interest or dividends has to file Schedule B Form 1040. Schedule B helps to fill relevant amounts into Form 1040.

As an Individual taxpayer or Business Owner, you can select to pay off your tax payments in installments by applying for Tax Payment Plan online. Let us understand in detail the eligibility criteria and different tax payment plans available by IRS for making tax payments in installments. 

You need to file Form 4868 to obtain an extension to file your taxes. Use Free File by IRS to electronically obtain an automatic tax-filing extension. Individual taxpayers can also obtain an extension by paying all or part of their estimated income tax by specifying that the payment is being made for an extension.

Federal Income Tax Brackets 2021 for the tax for taxes due in April 2022 or in October 2022 with an extension. There are 7 tax brackets and 7 tax rates for each type of filing status. Understanding these tax brackets and tax rates will help you easily define your tax liability or refund for the financial year 2021.