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 Online Tax Return Preparation Today is and you have U S Central Standard Time to electronical efile your past due 2007 tax return with the IRS and your state before the deadline midnight Thursday, October 23, 2008 The IRS and your state are still accepting 2007 efiled tax returns. Get Started Now Doing Your 2007 Federal and State Income Tax Return  Tax Software Online for your Individual Taxes Return all for one low price online, save $ dollars $ do your own taxes yourself, it just to easily done by you ! Tax preparation made simple, reliable, more accurate, faster refund and safe. DO YOUR FEDERAL, ONE RESIDENT STATE (if available), PRINT and E-FILE ONLINE FROM YOUR OWN COMPUTER ALL FOR ONE LOW PRICE. $ 14.95 FORM 1040-EZ + EFILE + PRINT + $3.95 per state for your STATE(s) for printing and efiling if your state has been approved for electronic filing. Total Federal and one State $19.90 $ 21.95 FORM 1040-A + EFILE + PRINT + $3.95 per state for your STATE(s) for printing and efiling if your state has been approved for electronic filing. Total Federal and one State $25.90 $ 21.95 FORM 1040 + EFILE + PRINT + $3.95 per state for your STATE(s) for printing and efiling if your state has been approved for electronic filing. Total Federal and one State $25.90 Payment is required before you can print or electonically file your return. Once payment has been received, you will have the option to electronically file your return and print unlimited copies. Just Do Your Own Tax Return Yourself ! IRS e-file Tax Preparation Online for Individual Form 1040 1040A 1040EZ From Your Own Computer! Just prepare your own Form 1040 Form 1040A Form 1040EZ Individual Tax Return. Tax Preparation and Efile Yourself Online Today With The IRS All For One Low Price. NO EXPENSIVE TAX PROGRAMS TO PURCHASE and INSTALL ON YOUR COMPUTER. This is U S A's number one efile online user friendly tax preparation program. There is no gimmicks or rebates and no spamming, phishing
or spyware. We offer safe, secure, affordable and fast tax preparation and efiling with the IRS. There is no charge for the tax preparation, it's free. You pay for printing and the electonically filing of your return. There's no risk or initial cash outlay. If you are not satisfied, just walk away. You won't pay a cent until you are actually and completely satisfied with the results with your tax preparation. Your privacy is important to us. We use the latest security technology to ensure that your personal information is kept safe and secure at all times. Your tax return information is protected using SSL encryption. You can Save your work on the preparation of a tax return and return later in the day or following days for data entry. Adobe Reader installed on your machine, it may be downloaded from Adobe's web site at the following address, just click on the link below to download and install Adobe Acrobat. 
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NEW FOR THE IRS 2007 TAX YEAR ? Tax Rebates in June 2008. Individuals who pay income taxes would get up to $600, working couples $1,200 and those couples with children an additional $300 per child under the agreement. Workers who make at least $3,000 but don't pay taxes would get $300 rebates. The rebates would phase out gradually for individuals whose income exceeds $75,000 and couples with incomes above $150,000, aides said. Individuals with incomes up to $87,000 and couples up to $174,000 would get partial rebates. The caps rise higher for individuals and couples with children. The goal of the U S Congress is to send the package to the White House by February 15, 2008 for President Bush's signature. If everything goes according to plan, the check will be in the mail by June 2008. 2007 Alternative Minimum Tax (AMT) Congress passes AMT income tax reprieve on 12/19/07. The tax reprieve postpones for one year only the alternative minimum tax. The measure would increase slightly the amount of income that is exempt from the alternative tax. For individuals, that means the exempt amount increases from $42,500 in 2006 to $44,350 in 2007. For married couples, the exemption amount climbs from $62,550 to $66,250. This is a temporary fix only. Without future Congressional action, the AMT exemption amounts for individuals in 2008 will revert to 2000 levels.
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2007 Filing Requirements
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Even if you do not otherwise have to file a return, you should file one to get a refund of any federal income tax withheld. You should also file if you are eligible for the earned income credit, additional child tax credit, health coverage tax credit, or refundable credit for prior year minimum tax. See Instructions. See Who Must File?
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Qualifying Person Qualifying You To File as Head of Household!
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This filing status is for unmarried individuals who provide a home for certain other persons. Some married persons who live apart are considered unmarried. See Instructions. See What is Your Filing Status? Note: Head of Household is just not about having a home or house.
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2007 Standard Deduction Worksheet for Dependents
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The standard deduction for taxpayers who do not itemize deductions on Schedule A (Form 1040) has increased. The amount depends on your filing status. See Instructions.
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2007 Deduction for Exemptions Worksheet - Form 1040, Line 42
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You are allowed a $3,400 deduction for each exemption to which you are entitled. However, your exemption amount could be phased out if you have high income. See Instructions.
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2007 Itemized Deductions Line 29 Worksheet
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Some of your itemized deductions may be limited if your adjusted gross income is more than $156,400 ($78,200 if you are married filing separately). See Instructions.
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Qualified Mortgage Insurance Premiums Deduction Worksheet
to Adobe pdf format file to print.You may be able to treat mortgage insurance premiums paid in connection with home acquisition debt as home mortgage interest or as 2007 Mortgage insurance premiums. See Publication 936.
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2007 Earned Income Credit Worksheet
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The maximum amount of income you can earn and still get EIC increased. The amount depends on your filing status and number of children. The maximum amount of investment income you can have and still be eligible for the credit was increased to $2,900. See Instructions.
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2007 Earned Income Credit Tables
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2007 Student Loan Interest Deduction Worksheet
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A qualified student loan is any loan you took out to pay the qualified higher education expenses. See Instructions.
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2007 State and Local Income Tax Refund Worksheet
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If you deduct state and local income taxes on your 2006 Schedule A, check box a on line 5. Do the worksheet and include on this line the state and local income tax refund if any is taxable. See Instructions.
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2007 State & Local Sales Tax Deduction Worksheet
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You can elect to deduct state and local general sales taxes instead of state and local income taxes. You cannot deduct both. See Instructions.
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2007 Optional State and Certain Local Sales Tax Tables
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2007 Social Security Benefits Worksheet
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The maximum wages subject to social security tax (6.2%) increased to $97,500 and all wages are subject to Medicare tax 1.45% for the 2007 tax year for Social Security and Medicare taxes. See Publication 915.
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2007 Schedule D Tax Worksheet
to Adobe pdf format file to print.See Instructions for Schedule D.
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2007 Schedule D Line 18 28% Rate Gain Worksheet
to Adobe pdf format file to print.See Instructions for Schedule D.
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2007 Schedule D Capital Loss Carryover Worksheet
to Adobe pdf format file to print.See Instructions for Schedule D.
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2007 Worksheet for Sale of Home
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See the instruction for Schedule D for the rules for the sale of your main personal residence if the residing in and the holding period is less than two ( 2 ) years out of the last ( 5 ) years before the date of sale. See Publication 523.
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2007 Form 4684 Casualties and Thefts Worksheet
to Adobe pdf format file to print.See Publication 547.
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2007 Excess Social Security Worksheet Form 1040, Line 67
to Adobe pdf format file to print.See Publication 505.
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2007 Worksheet for Determining Support
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See Publication 501.
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2007 Auto Expense Worksheet
to Adobe pdf format file to print.
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2007 Weekly Traveling Expense and Entertainment Record
to Adobe pdf format file to print.See Publication 463. 2007 Traditional IRA Income Limits You may be able to take an IRA deduction if you were covered by a retirement plan and your modified adjusted gross income is less than $62,000 ($103,000, if you are married filing jointly or a qualifying widow(er). See Publication 590. 2007 Traditional Roth IRA Income Limit You may be able to make a Roth IRA contribution if your modified adjusted gross income is less than $114,000 ($166,000, if you are married filing jointly or a qualifying widow(er). See Publication 590. See Roth IRA Topic. 2007 Catch-up contributions in certain employer bankruptcies You may be able to deduct up to an additional $3,000 contributed to your IRA if you were a participant in 401(k) plan and your employer was in bankruptcy in an earlier year. See Publication 590. 2007 Limit on elective deferrals Generally, the maximum amount of elective deferrals under a salary reduction agreement that could be contributed to a qualified plan increased to $15,500 ($20,500 if you were age 50 or older). However, for SIMPLE plans, the amount is 10,500 ($13,000 if you were age 50 or older). See Publication 575. 2007 Rollovers by nonspouse beneficiaries For distributions after 2006, a non spouse designated beneficiary may have a distribution from an eligible retirement plan of a deceased employee directly transferred (trustee-to-trustee) to his or her own IRA set up to receive the distribution. The transfer will be treated as an eligible rollover distribution and the receiving IRA will be treated as an inherited IRA. See Publication 575. 2007 Retirement Savings Contributions Credit The adjusted gross income limit for claiming this credit is increased to $26,000 ($39,000 if head of household; $52,000 if married filing jointly). See Instructions Form 8880. 2007 Qualified joint venture A qualified joint venture conducted by you and your spouse may not be treated as a partnership if you file a joint return for the tax year. See I R S Article. 2007 New recordkeeping requirements for cash contributions You cannot deduct a cash contribution, regardless of the amount, unless you keep as a record of the contribution like a bank record (such as a canceled check, a bank copy of a canceled check, or a bank statement containing the name of the charity, the date, and amount) or a written communication from the charity. The written communication must include the name of the charity, date of the contribution, and amount of the contribution. See Publication 526. See Recordkeeping Topic. 2007 Tax benefits for Adoption The adoption credit and the maximum exclusion from income of benefits under an employer's adoption assistance program are increased to $11,390. See Instructions Form 8839. 2007 Hope or Lifetime Learning Credit income limits increased The amount of income you can have and still receive a Hope or lifetime learning credit has increased. See Instructions Form 8863. 2007 Frivolous tax submissions The IRS has published a list of positions that are identified as frivolous. The penalty for filing frivolous tax return is $5,000. Also, the $5,000 penalty will apply other specified frivolous submissions. See I R S Article. 2007 Filing erroneous claim for refund or credit You may have to pay a penalty if, after May 25, 2007, you file an erroneous claim for refund or credit. The penalty is equal to 20% of the disallowed amount of the claim, unless you can show a reasonable basis for the way you treated an item. The penalty will not be figured on any part of the disallowed amount of the claim that relates to the earned income credit or on which the accuracy-related or fraud penalties are charged. 2007 Pensions concerning Public Safety Officers - The Pension Protection Act of 2006, 07/28/2006 If you are an eligible retired public safety officer (law enforcement officer, firefighter, chaplain, or member of a rescue squad or ambulance crew), you can elect to exclude from income distributions made from your eligible retirement plan that are used to pay the premiums for accident or health insurance or long-term care insurance. The premiums can be for coverage for you, your spouse, or dependents. The distribution must be made directly from the plan to the insurance provider. You can exclude from income the smaller of the amount of the insurance premiums or $3,000. You can only make this election for amounts that would otherwise be included in your income. An eligible retirement plan is a governmental plan that is a qualified trust, a section 403(a) plan, a section 403(b) annuity, or a section 457(b) plan. If you make this election, reduce the otherwise taxable amount of your pension or annuity by the amount excluded. The amount shown in box 2a of Form 1099-R does not reflect the exclusion. Report your total distributions on Form 1040 line 16a and the taxable amount on line 16b. Enter "PSO" next to line 16b. See Publication 575. See Pensions and Annuities Topic. NEW FOR THE IRS 2008 TAX YEAR ?2008 Alternative Minimum Tax (AMT) Alternative minimum tax (AMT) exemption amount will decreased. The AMT exemption amount will decreased to $33,750 for single, $45,000 if married filing jointly or a qualifying widow(er) or $22,500 if married filing separately. Congress only completed legislation for the tax year 2007. This tax was not indexed to inflation, so now it is about to affect millions of unsuspecting middle-class taxpayers with unintended higher taxes as a result. Millions of other taxpayers will face higher taxes because several credits, such as the child tax credit and ten other such credits expire at the end of 2007. If Congress fails to act before the end of the year, 12/31/08, many U.S. taxpayers who otherwise would escape the tax, may end up owing the AMT tax when they file their 2008 tax return, due by April 15, 2009. Congress for years has passed bills granting relief from the AMT on a temporary basis or annual basis. You may be among those affected if the Congress and the President do not correct this tax issue in 2008. Write your member of the House of Representatives and Senators during the year to correct this annual AMT Tax Nightmare before the Holidays every year. Demand a fix for long term tax planning solution legislation now. 2008 IRA deduction increases The amount you, and your spouse if filing jointly, may be able to deduct as an IRA contribution will increase to $5,000 ($6,000 if age 50 or older at the end of 2008). You may be able to deduct up to an additional $3,000 contributed to your IRA if you were a participant in a 401(k) plan and your employer was in bankruptcy in an earlier year. 2008 IRA income limits You may be able to take an IRA deduction if you were covered by a retirement plan and your 2008 modified adjusted gross income is less than $63,000 ($105,000, if you are married filing jointly or a qualifying widow(er)). 2008 Phaseouts reduced for Personal exemptions The phase out of the limit on personal exemptions is reduced by 2/3. 2008 Phaseouts reduced for Itemized deductions The phase out of the limit on itemized deductions is reduced by 2/3. 2008 Phaseouts reduced for Child's investment income Beginning in 2008, the rules regarding the age at which a child's investment income may be subject to tax at the parent's tax rate is changed to include a child who is age 18 or a student under age 24, whose earned income is not more than one-half of the child's support. 2008 Capital gain tax rate reduced The 5% capital gain tax rate is reduced to zero. 2008 Mileage Rates IR-2007-192, Nov. 27, 2007 The Internal Revenue Service today issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: The new rate for business miles compares to a rate of 48.5 cents per mile for 2007. The new rate for medical and moving purposes compares to 20 cents in 2007. The rate for miles driven in service of charitable organizations has remained the same.
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