Income Tax Form Preparation and Efile 2007 / 2008
Searching for answers to difficult income tax filing and preparation questions? Changes in your household finances often require professional advice. Landing a new job, moving in or out of state, buying a new home, marriage, divorce, claiming EITC, weather damage, sale of stock, starting a home based business among other things. Browse the list of recent IRS news releases and commentary to help you search for answers. An alternative is to get your tax return reviewed and signed by an income tax professional. Save money and learn more by preparing income tax forms yourself, submit them online, then follow up by phone with a tax professional. The service charge can be deducted from your 2006 income tax refund. Buy Tax Cut's Online Signature service add-on and an income tax professional can review prior year tax returns too - and get back up to 3 years of missed deductions! Note: "Signature" service is an add-on to most Tax Cut software products.
IRS Fast Track Income Tax Settlement
December 14, 2007 — The Internal Revenue Service today announced it is expanding the number of test areas for
the Fast Track Settlement program for taxpayers under examination by the Small Business/Self-Employed Division …
Disabled Veterans Payments Tax Free Refunds
December 12, 2007 — Payments under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT)
program are no longer taxable and disabled veterans who paid income tax on these benefits in the past three
years can now claim tax refunds …
Alternative Motor Vehicle Credit Vehicles
December 5, 2007 — Purchasers of certain large trucks, buses or other heavy vehicles running on alternative fuel can claim
a income tax credit of up $32,000, and purchasers of certain large hybrid trucks and other heavy
hybrid vehicles …
Reporting Miscellaneous Income
November, 2007 — While most people are aware they must include wages, salaries, interest, dividends,
tips and commissions as income on their tax returns, many don't realize that they must
also report most other income …
Tax Tips for Direct Sellers
October, 2007 — Some people's income is based on their sales and not on the number of hours they work.
They are known as direct sellers. Sometimes there is confusion regarding the special set
of tax rules that applies to direct sellers …
Reporting Auction Income and the Tax Gap
September, 2007 — Many people don't realize the income they earn from auctions and consignment sales may be taxable.
This fact sheet, the 16th in the Tax Gap series, will help taxpayers better understand what income
they are required to report …
The Construction Industry and the Tax Gap
August, 2007 — Not reporting or under-reporting business income, including income from construction
activities, contributes to the tax gap. Contractors, subcontractors, as well as individual
workers need to be aware of everything that counts …
Rental Property and the Tax Gap
July, 2007 — Not reporting or under-reporting rental income contributes to the tax gap.
Landlords need to be aware of everything that counts as income so they pay their fair share of
taxes …
Reporting Capital Gains
May, 2007 — In order to educate taxpayers about their filing obligations, this fact sheet,
the twelfth in a series, provides information with regard to capital gains reporting …
Business or Hobby? for Deductions
April, 2007 — The Internal Revenue Service reminds taxpayers to follow appropriate guidelines
when determining whether an activity is a business or a hobby, an activity not engaged in for
profit …
Deducting Other Business Expenses
March, 2007 — The Internal Revenue Service has issued a number of educational fact sheets
reminding taxpayers to know the rules for deducting several specific business expenses …
Free File IRS eFile Program Opens for 95 Million Taxpayers
January 16, 2007 — The Internal Revenue Service and its private-sector partners today
announced the opening of this year's Free File program with a series of improvements and
changes to help taxpayers …
IRS E-File Opens For 2006 / 2007 Filing Season
January 12, 2007 — Taxpayers may file their 2006 tax returns electronically beginning
today as the Internal Revenue Service opens the e-file program following a record-setting year …
Income Tax Deduction: 2007 Nissan Altima Certified Hybrid Vehicle
January 11, 2007 — The Internal Revenue Service has acknowledged the certification
by Nissan North America, Inc., that its 2007 Nissan Altima Hybrid vehicle meets the
requirements of the Alternative Motor Vehicle Credit as a qualified hybrid motor vehicle …
National Taxpayer Advocate Releases 2006 Report to Congress
January 9, 2007 — National Taxpayer Advocate Nina E. Olson today released her annual report
to Congress, designating the alternative minimum tax for individuals (AMT) and the federal tax
gap as the most serious problems facing taxpayers …
IRS Begins Processing Extender Claims and Paper Tax Returns
January 8, 2007 — The IRS taxes announced today that it will begin processing both e-file and paper tax returns on
Feb. 3 that include claims for the major “extender” provisions, including deductions for
state and local sales taxes, higher education tuition and fees, and educator expenses …
Modernized Income Tax e-File Available for Partnership Returns
January 8, 2007 — Beginning today, partnership taxpayers can electronically file tax year 2006 Form 1065,
U.S. Return of Partnership Income, and Form 1065-B, U.S. Return of Income for Electing Large Partnerships,
using the Modernized e-File platform. …
Income Tax Filing Season 2007 Begins Tax Forms in Mail This Week
January 4, 2007 — The Internal Revenue Service today began a busy 2007 filing season
that features telephone excise tax refunds, a new refund deposit feature and recently enacted
tax breaks that may require extra attention from taxpayers …
Choose Your Correct Income Tax Filing Status
January 4, 2007 — Your federal tax filing status is based on your marital and family
situation. It is an important factor in determining whether you must file a return, your
standard deduction and your correct amount of tax …
Should You File An IRS Income Tax Return?
January 3, 2007 — You must file a tax return if your income is above a certain level.
The amount varies depending on filing status, age and the type of income you receive …
Seven Ways To Get A Jump Start On Your IRS Taxes
January 2, 2007 — Earlier is better when it comes to working on your taxes. Taxpayers are
encouraged to get a head start on tax preparation, especially since early filers avoid the last
minute rush and get their refunds sooner …
Car And Truck Expense Deduction Filing Reminders
October 26, 2006 — The Internal Revenue Service reminds taxpayers to become familiar with the tax
law before deducting car- and truck-related business expenses …
IRS Announces "Dirty Dozen" Income Tax Scams For 2006
February 7, 2006 — The Internal Revenue Service today issued the 2006 "Dirty Dozen" its
latest annual tally of some of the most notorious tax scams — along with an alert to
taxpayers this filing season to watch out for schemes that …
IRS Tools Help Tax Professionals Prepare Accurate EITC Claims
January 26, 2006 — The Internal Revenue Service today reminded tax professionals that they
can help clients receive critical tax relief from the Earned Income Tax Credit and there are IRS
tools to help them prepare accurate EITC claims …
Commissioner Everson Calls For Improvements To Refund Fraud Program
January 24, 2006 — IRS Commissioner Mark W. Everson today announced that he has directed a
review of the Questionable Refund Program, which will include notification procedures pertaining
to frozen refunds …
Free File eFile Opens Today with Enhanced Taxpayer Services
January 18, 2006 — The Internal Revenue Service and its private-sector partners today announced
the opening of Free File, the free tax preparation and free electronic filing initiative
that marks its fourth year …
Certain Tax Returns Go To Different Centers Than Last Year
January 18, 2006 — As taxpayers begin to prepare their tax returns, the Internal Revenue Service
notes that some may be sending their returns to a different service center than last year.
Those who received a tax instruction booklet from …
Changes Delay E-File For A Small Number Of 2005 Forms
January 17, 2006 — Following new tax law legislation enacted late in the year, the
Internal Revenue Service announced today that e-file availability for a small number of 2005
tax forms will be delayed until later this month …
Recent Tax Law Changes Affecting Business In The Gulf Region
January 13, 2006 — Small businesses and employers in the Gulf region receive a variety of tax
breaks and incentives under the recently-enacted GO Zone legislation (Gulf
Opportunity Zone Act of 2005). The Internal Revenue Service will provide an
explanation of the new laws in …
— IncomeTaxPro.Net
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