Tax Tips for 2007

http://taxes.about.com/

Missing Your Tax Refund?

The IRS has refund checks worth about $110 million that were returned
to the agency as undeliverable. If you haven't yet received your
refund for your 2006 tax return, you should contact the IRS to update
your address and check the status of your refund.
You can check the status of your refund on the Web by using the
Where's My Refund application on the IRS Web site.


Updated Deductibles

You can contribute up to $5,000 in a traditional IRA or Roth IRA for
2008, compared to $4,000 for 2007. The amount you can save in a 401(k)
plan remains unchanged at $15,500.
The standard deduction and personal exemption amounts have increased,
meaning that more of your income will be excluded from tax.

Hybrid Credit Update

Hybrid cars from Honda and Nissan have been certified for the hybrid
tax credit by the Internal Revenue Service.The 2008 Honda Civic GX,
which runs on compressed natural gas, is certified for a $4,000 tax
credit. The 2008 Nissan Altima hybrid is certified for a $2,350 tax
credit.Additionally, the IRS announced that the hybrid tax credits for
Honda vehicles will begin to phase out beginning on January 1, 2008.
If you want full credit for a Honda vehicle, taxpayers will need to
take delivery by December 31, 2007. Honda hybrids purchased from
January to June 2008 will get 50% of the tax credit, and vehicles
purchased from July to December 2008 will get 25% of the credit. Honda
hybrids purchased in 2009 will not be eligible for the tax credit,
unless Congress decides to re-write this tax law.


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Relevant Pages

  • Re: IRSs Multi-Billion Flimflam: "Double or Nothing" Taxation of Tax Refunds
    ... Deductions - Gross income does not include income attributable to ... there is a tax overpayment and the AMT is in one or both years. ... AMT PAID IN TAX OVERPAYMENT YEAR AND IN THE YEAR THAT THE REFUND OF THE ... Tax overpayment is not allowed as a deduction in determining AMTI. ...
    (misc.taxes)
  • More Illegal Aliens Considered Illegal
    ... Illegal Immigrants Lose Out on Tax Refunds in Kansas, ... Tax officials in the two states insist that taxpayers provide accurate information on their returns in order to get a refund, ...
    (soc.retirement)
  • The Front Lines - FET Refund Opportunity
    ... $6 BILLION IN TAX REFUNDS IS AT STAKE FOR TAXPAYERS OF ALL SIZES ... U.S. taxpayers pay almost $2 billion in federal excise tax on ... The Internal Revenue Code imposes a 3% tax on amounts paid for toll ... For taxpayers that believe they are entitled to a refund, ...
    (comp.dcom.telecom)
  • Re: Speaking of Tax Refunds...
    ... tax planning, but I guess that excludes Dick Cheney, who reportedly ... is getting a $1.9 million refund. ... "The Cheneys reported adjusted gross income of nearly $8.82 million, ... The Cheneys donated about $6.87 million to charity from the stock ...
    (rec.boats)
  • Re: US v Schiff
    ... who is identified "as an expert in tax computations." ... Why didn't the government identify him as an expert in tax law? ... > to be (and even citing laws and court decisions to support those document) ... refund because of the increase in Taxable Social Security resulting ...
    (misc.taxes)