Money Matters
Check and Double-Check to Avoid These Common Income Tax Return Errors
February 12, 2008
• Claiming the wrong filing status: Your filing status determines a number of tax benefits, like the child tax credit, earned income tax credit and dependent exemptions. Filing status choices are single, married filing jointly, married filing separately, head of household, and qualified widow with dependent child. You can’t just pick one; each has requirements.
• Wrong Social Security numbers: If these are incorrect, they won’t match your government records and the IRS may disallow exemptions, credits and deductions. » Full Story
By The Associated Press
WASHINGTON (AP) — Everyone makes mistakes. But when it comes to tax returns, errors can be costly. Check and double-check the items below, which are among the most common tax goofs, according to the Internal Revenue Service and MSN.com tax expert Jeff Schnepper. • Claiming the wrong filing status: Your filing status determines a number of tax benefits, like the child tax credit, earned income tax credit and dependent exemptions. Filing status choices are single, married filing jointly, married filing separately, head of household, and qualified widow with dependent child. You can’t just pick one; each has requirements.
• Wrong Social Security numbers: If these are incorrect, they won’t match your government records and the IRS may disallow exemptions, credits and deductions. » Full Story
Tests for Claiming the Earned Income Tax Credit for 2007
February 12, 2008
To Claim the Earned Income Tax Credit, You Must:
• File a tax return, even if you didn’t make enough in 2007 to be obligated to do so.
Kiddie Tax Hits Many Families for 2007; 18 Year-Olds Escape for Now
February 12, 2008
By EILEEN PUTMAN
Associated Press Writer
WASHINGTON (AP) — If you have a child who turned 18 in 2007, you are in luck, taxwise.
Quick Facts About Filing 2007 Income Tax Returns
February 12, 2008
By The Associated Press
Some important facts about filing your 2007 income tax return:
FILING DEADLINE: April 15.
Checklist of Records Needed for Tax Preparation
February 12, 2008
By The Associated Press
A checklist of the most common records you’ll need to prepare 2007 taxes, whether you use home-computer tax software, a professional tax preparer or an old-fashioned paper tax
Low Interest Rates Give Boost To the Economy
February 12, 2008
By CARRA HIGGINS
Staff Writer
Recently the Federal Reserve lowered interest rates in hopes the lowered rates will boost the economy.