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
Changes to the tax code that may affect you!
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.
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