Filing Taxes: The Deadline is Looming
It's that time of year again - time for individuals and families to file their yearly tax returns. Those who finished their taxes early are ahead of the curve, but those who have not are scrambling to get their taxes ready to file. Since the submission deadline is just around the corner, last-minute filers need all the help they can get expediting the filing process. Also this tax season, a one-time economic stimulus rebate is being sent to taxpayers that is unrelated to regular, annual tax returns.
The April 15, 2008 filing deadline is approaching soon. All taxpayers need to file a federal return by that date with the Internal Revenue Service (IRS) or request an extension of time. Oklahoma state taxes are also due the 15th. One way to save time if you are submitting your federal taxes at the last minute is to use electronic filing forms instead of traditional paper forms. The IRS provides a number of electronic filing resources on its web site at www.irs.gov. Putting together and submitting your taxes electronically can save time and streamline the filing process.
It is also important to make sure that the information provided to the IRS during filing is accurate and complete. Social Security numbers and other identification numbers are easy to enter incorrectly or write illegibly. Taking an extra minute to review these numbers can prevent a tax refund from being reduced or unnecessarily delayed. It is also essential to correctly sign and date all tax returns that are submitted. If spouses submit a joint return, both individuals must sign it even if there is only one family income. If you have had a third-party individual prepare and put together your tax return, make sure that they sign and date the forms as well.
One other important reason to get your taxes filed is that eligibility for the economic stimulus rebate is directly tied to having filed a tax return for 2007. Even low income workers who have earned income above $3,000 but do not have a regular filing requirement must file a 2007 tax return in order to receive the tax rebate. This requirement extends to those who receive Social Security, certain railroad retirees, and those who receive a pension or survivor benefits from the Department of Veterans Affairs. Even if your income level does not trigger a filing requirement, you must file a 2007 tax return in order to be eligible for the rebate.
Benjamin Franklin once observed that "In this world nothing is certain but death and taxes." And when it comes to filing your taxes this year, another sage quote from Mr. Franklin is in order, "Why put off till tomorrow what can be done today?"
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