Taxes

Economics 004
April 10,2000

“The rush is on for last-minute filers”

April showers bring may flowers, but on April 15th not one American is thinking of spring. Tax day, one of the only two events in life that will not excuse anyone, is right around the corner. If you have procrastinated in your efforts to give the government even more of your money, don’t worry your not alone. A good percentage of persons haven’t filed yet.
Although the tax deadline of filing your 1040 is April 15th, this year the government is forced to give everyone two extra days till April 17th before you have to fork over any money you owe. That amount can be calculated by filling out Form 4868. Check, cash, money order or major credit card can pay your amount of money to the International Revenue Service. Extensions can be filed for, which will give you an extra two months although you still need to pay any money owed by April 17th.
With only slight differences in tax forms from 1998 to 1999, the challenge might not be as hard as expected. Some changes in standard deductions that will need some extra attention. “For example, single filers will get a $4,300 deduction and married-filing-jointly filers will get a $7,200 deduction. The child tax credit is rising from $400 to $500”.
Even though filing your own taxes can be the maximum stress one can have in life, now there are some easy to use programs available and phone lines to serve you. Some inexpensive programs for your computer or laptop are Turbo Tax by Intuit and TaxCut by H&R Block. Costs for such hardware are between $14.95 and $29.95. Some more inexpensive tools are tax preparation web sites. During 1999 almost a quarter of a million tax returns were completed on the web. This year that number is expected to grow between one million and one and a half million.
If your computer skills have not been perfected or you don’t have to accessibility to one, personal touch is always available. The price is slightly more expensive then you would be paying on your computer, but are completely stress free. An average client, of accountants and tax preparers, will end up paying around sixty five to ninety five dollars. Even with new advancements the good old fashion pencil, paper, and calculator are still plenty sufficient for some. The tax-form package you received through the mail is the information you will need.
There is plenty of completely free help out there such as live telephone assistance, where you can also be directed to the nearest free in person assistance.
So whether you are willing to take on Uncle Sam yourself or get some backup, time is running out so be prepared for the battle.



Category: Business