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.