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Last Minute Tax Advice

It’s Tax Time Again

The United States Tax Code is 18,500 pages long! No wonder people make so many mistakes. Hopefully this article will help you all out a bit.

April 15th is-
Taxes IRS tax filing deadline for individuals filing on a calendar-year basis
Last date to make a 2007 contribution to a traditional IRA or Roth IRA
Payment of first installment of 2008 estimated tax by individuals
Business retirement plan contribution deductibility deadline for unincorporated, sole proprietors and partnership entities

According to IRS statistics, in 2004 over 77% of income tax filers received a federal refund and the average refund amount was over $2,000. Additionally, this tax season we have something extra to celebrate. By filing a federal tax return you are also putting your name on the list to get an economic stimulus check.
IRS now offers free e-filing to most taxpayers. To IRS Efile

Top most Common Taxpayer Mistakes; Calculation errors, Incorrect address, Incorrect Filing Status, Using the Wrong Tax Table, Incorrect/Missing Social Security Number, Direct deposit routing errors, Incomplete/Missing Information, Failure to Include Payment, Failure to Take Tax Credits and Deductions, Sending the IRS your only copy, Failure to report All Income, Failure to Sign and Date and Return, Missing the deadline and asking for an extension, Forgetting to submit all relevant forms, Benefits claimed pertaining to dependent children.

10 of the most important Tax changes to be aware of are;
1- the investment income of children are taxed at the tax rate of the parents age limit to 19, and full-time students up to 24 who do not provide more than 50% of their own support.
2- Standard Deductions increased
3- Earn Income Credit – phase out limits increased as well as the available tax credit amounts
4- U.S. Savings Bonds- for use in qualified education expenses, phase-out income limits increased
5- The Adoption Credit- amount available increased
6- Keogh and SEPs – Max contribution increased
7- IRAs – phase-out limits for contributions increased
8- 401(k) Plans- Max contribution is $15,500 – $20,500 depending on age
9- Standard mileage rates- increased
10- Earnings and Social Security- annual exempt amount is reducing
http://www.dolans.com/aol/aol_tax_advice.html

For Online Tax advice- Tax Q/A with Kathy Howell Senior Tax Specialist with the IRS-
http://blog.oregonlive.com/taxes/

For more tax info-
http://www.irs.gov
http://money.aol.com/tax/most-common-taxpayer-mistakes
http://www.finweb.com/taxes/5-most-common-tax-mistakes.html
http://money.aol.com/tax/most-common-taxpayer-mistakes
http://blogs.setonhill.edu/MikeArnzen/%20023023
http://www.edwardjones.com/cgi/getHTML.cgi?page=/USA/resources/tax/calendar.html
http://www.cnn.com/2008/LIVING/04/11/tax.deadline.ap/
http://www.cnn.com/2008/LIVING/03/28/avoid.tax.audi.ap/index.html
http://online.wsj.com/article/SB119786208643933077.html
http://online.wsj.com/article/SB120787129943306485.html?mod=sphere_ts&mod=sphere_wd

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