Tax time, again… E-file or Paper?

It’s time to maximize your gather all your documents, maximize deductions, and get your hard earned money back from the government. Check your mail carefully over the next few weeks. You may have begun receiving important documents needed to file your returns promptly and accurately.

Keep an eye out for: W2‘s, 1099‘s, 1098 mortgage interest statements, bank or investment Interest statements, property tax, expense receipts, etc… There are many ways to file this year designed to make it fast easy and reducing the hassle of filing. Online filing may help you receive your returns in record time.

The keys to surviving the tax season are:
· Be organized
· Gather important documents
· Seek adviceDo not procrastinate

IRS E-File is available through the IRS website. If you meet the criteria you may avoid paying any fees associated with your Federal Tax Return. You may e-file if your adjusted gross income was $54,000 or less in 2007. Use Free File to prepare and e-file your taxes online. Receive your refund directly from the IRS in around 10 days, and for free. You may also file in Spanish. Visit the IRS’s website to learn the details. Got questions? Check out the IRS’s FAQ page.

IRS 1040 Paper Filing is always available through the IRS. It takes a little longer to receive your return but still works. You may download IRS tax forms if you want file the old fashion way. Free walk-in help is available from a real person. Visit the IRS’s online zip search to locate free help in person. Don’t forget to sign & date your return!

H&R Block if your adjusted gross income was over $54,000, have many deductions, or own a home H&R Blocks online software may make it easy. I would suggest using H&R blocks online software. It is easy to use and inexpensive check out H&R Block.

Changes to the tax code that may affect you!

Mortgage Insurance- There are new changes to the Mortgage insurance being deducted as mortgage interest. If you paid mortgage insurance premiums during 2007 you may be able to deduct the premiums as mortgage interest. Check the site to see if your mortgage insurance payments qualify.

Business standard mileage rate- If you used your car for business and were not reimbursed by your employer or were self employed you may deduct the standard mileage rate $.48 ½ per mile.

Social security and Medicare taxes- the maximum social security tax for 2007 was $97,500. There is no limit on the amount of wages subject to Medicare tax.

Earned Income Amount for Additional Child Tax Credit- 2007 the minimum earned income amount used to figure the additional child tax credit has increased to $11,750.

IRS’s Tips E-mail newsletters- The IRS will E-mail you over the next few months great tips on our taxes. It’s like having a tax consultant for free. The best part is it will remind you to file your taxes while giving your fun facts and money saving tips. I think this is a great way to learn without getting overwhelmed of the entire IRS’s website content. Subscribe today, I did. Here is the link to IRS tip 1.

Check out more articles on Brian M. Schoedel’s site! Owe taxes or want to reduce your bills? Do you want a free home loan review, and see if Brian can lower your bills through home finance. I have helped many people save hundreds per month. It’s fast, easy, and there’s no obligation to receive a free review. Apply online through my secure online pre-application, or call me directly.

Brian M. Schoedel Call Now! 239.298.1335

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File your return or extension by April 15th!