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Tax Time
By Daphne | March 11, 2008
Remember you need to file your 2007 taxes in order to get an economic stimulus check from the IRS.
Millions of Americans should have already received a letter in the mail stating that you have to file your taxes in order to be eligible to receive an economic stimulus check.
Want to save some money and make sure you get all of the deductions you are entitled to? Remember to gather all of your tax forms, statements and receipts for 2007 - before you start. Don’t forget union dues, some tools and relocation expenses are often deductible. Monetary charitable contributions as well as in-kind donations can be written off as well. Too much for you to remember? Tax codes change often. The best way to maximize your deductions and to make sure you have done things correctly is to use an outsider… a professional or a program.
Your best options are: Pay to have your taxes done, do them online yourself or you can file your taxes for free online with the IRS.
If your adjusted gross income was $54,000 or less in 2007, you can use Free File to prepare and e-file your taxes online.
Let’s say the only reason you want to file your taxes because you want to receive an economic stimulus check, no problem. The IRS even provides links to five other sites for people who make more than $3000. The eligibility requirements for each of the links offered is listed after the link.
Then, if you are eligible, the IRS will also send another letter telling you whether or not you are eligible. If it were up to me, I would have rather had the extra 82¢ added to my economic stimulus check, which would really be a dollar because they round up now. That extra dollar could have at least bought me a package of gum or helped add to my home equity.
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Topics: March 2008 |