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Tuesday, January 8, 2008

Tax Season is Upon Us - Why not file Online?- CLICK HERE!

Besides the New Year Resolutions in January, we are normally programmed to start worry about the quickly approaching Tax Deadlines - CLICK HERE for a full deadline calendar for Michiganders. Below is a quick recap of January dates that you will want to remember:

Jan. 15, 2008

Individuals - Make the fourth payment of your 2007 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. You won't need to make this payment if you file your 2007 return and pay any tax due by January 31, 2008.
Farmers and fishermen in Michigan.
Make estimated 2007 payments in full using Form 1040-ES. If you do not pay your estimated tax by Jan. 15, you must file your 2007 return and pay any tax due by March 1, 2008, to avoid an estimated tax penalty.

Jan. 31, 2008
Individuals - If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040) for 2007 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by January 31, file and pay your tax by April 15.
W-2s are due from your employer. Forms 1099 are due from payers of interest, dividends and other specified types of income.

Individual Michigan taxpayers, including first-time filers, Schedule C filers, and military personnel, can take advantage of a wide variety of tax preparation and e-file options. You can file online or download software from the convenience of your home, or you can work with a tax professional.

Schedule D software is offered that can easily export data into leading e-file software. All of these options are available to you! Take a look to find out about these existing opportunities - many are currently offering discounts and coupons to get you started early!

Depending on the simplicity of your return - you may even qualify for some free options.

Many of the above companies also offer FREE calculators like:

Tax Estimator
How much will you pay in 2007?

Tax Rate Calculator
What's your average tax rate?

Home Loan Tax Saver
How much will your mortgage save you in taxes?

Paycheck Withholding Calculator
How much will you take home after tax withholdings?

Deduction Finder
Are you claiming all the deductions you deserve?

Labels: 2007 eFile Tax Filing Coupons