Form 7004 – Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns
Form 7004 is an IRS form used by businesses to request an automatic extension of time to file various tax returns. It gives you more breathing room without the pressure of a strict deadline.
Form 4868 – Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (reiterated under extension categories)
Form 4868 is a way for individuals to automatically get more time to file their federal income tax return, providing an extra six months to complete the paperwork. It's essential for those who can't meet the usual April tax deadline.
Form 9465 – Installment Agreement Request (already highlighted, emphasized here under collection strategies)
Form 9465 is the form you use to ask the IRS to let you pay your tax debt in monthly installments over time. This form can be a great option if you're struggling to pay your taxes in full.
Form 433-F – Collection Information Statement
Form 433-F, the Collection Information Statement, is an IRS form used to gather financial information from taxpayers who owe back taxes. This information helps the IRS determine how to best collect the debt.
Form 8820 – Orphan Drug Credit
Form 8820 is used to claim the orphan drug credit, a tax incentive for companies that develop treatments for rare diseases. This credit helps make these much-needed drugs more available.
Form 3800 – General Business Credit (highlighted previously for business owners)
Form 3800 is used by businesses to claim various tax credits that can reduce their overall tax liability. It's a crucial form for business owners looking to maximize their tax savings.
Form 1099-SA – Distributions From an HSA, Archer MSA, or Medicare Advantage MSA (noted earlier under health savings)
Form 1099-SA reports distributions you receive from a Health Savings Account (HSA), Archer MSA, or Medicare Advantage MSA. It's important for tax reporting because it helps determine if your withdrawals are taxable.
Form 8880 – Credit for Qualified Retirement Savings Contributions (cross-referenced under tax credits)
Form 8880 is used to claim the Retirement Savings Contributions Credit, also known as the Saver's Credit. This credit helps low-to-moderate-income individuals reduce their tax burden while saving for retirement.
Form 6251 – Alternative Minimum Tax – Individuals (previously mentioned, added for completeness here)
Form 6251 is used to calculate the Alternative Minimum Tax (AMT), a separate tax system designed to ensure higher-income taxpayers pay a fair share. This form helps determine if you owe AMT in addition to your regular income tax.
Form 8801 – Credit for Prior Year Minimum Tax (mentioned earlier but relevant under AMT categories)
Form 8801 is used to claim a tax credit for any Alternative Minimum Tax (AMT) you paid in prior years. It can reduce your regular tax liability in future years.