What Every Do It Yourself Tax Preparer Should Know About Filing Their 2008 Taxes

According to our friends at the IRS (I call them the Geithner Gang…), there are about 138 million taxpayers in the United States. Statistically, about 20 percent of these folks file their taxes within 7 days of April 15. In a holiday-shortened week, this means that 27 million people had better get it in gear!

You’ve seen the “We’ve Got People” ads and others that are sure to lure last-minute filers into storefront businesses like Liberty Tax Service or H&R Block. Others will choose to self-prepare with the help of tax software from TurboTax or TaxCut.

If you’re a member of the DYI contingent, give some consideration to reviewing this year’s tax law changes before beginning your returns. The stimulus package signed into law this past February made a huge impact on tax liability, and the changes made therein 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 provides four ways to file your taxes online, ranging in price from $100 to free. If you’re among the 27 million folks that still have to file, take a look and select whichever program fits best – just make your choice in time to complete your taxes by April 15th.

As always, remember that filing your taxes could take several hours – even with the help of your favorite software package of choice. Please plan accordingly.

I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!

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