Comments Off on April 15 Is 1 Week Away And 27 Million Taxpayers Have Yet To File. If You’re One Of Them, Here’s Some Tax Tips.

April 15 Is 1 Week Away And 27 Million Taxpayers Have Yet To File. If You’re One Of Them, Here’s Some Tax Tips.

2009
04.08

There are 138 million taxpayers in the United States and, according to the IRS, 20 percent of them file their taxes within 7 days of April 15. In a holiday-shortened week, that means that 27 million people had better get a move on.

And while a portion of this year’s last-minute filers will file with storefront operations like Liberty Tax Service or H&R Block, many others will self-prepare with the help of tax software from TurboTax or TaxCut.

If you’re a member of the do-it-yourself crowd, consider taking a review of this year’s tax law changes before starting your returns. The stimulus package signed into law this past February made a profound impact on tax liability and the list of changes may be helpful for you.

A few of the new, allowable income tax deductions for 2008 include:

  • Mortgage debt forgiveness in the event of a short sale
  • An additional standard deduction on real estate taxes paid
  • $8,000 tax credit for homes bought since January 1, 2009

TurboTax offers 4 tax filing choices online, ranging in price from $100 to free. If you’re among the 27 million yet to file, choose whichever program fits best — just choose it before April 15.

Filing could take several hours. Plan accordingly.

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