Its Tax Time

First off I just want to wish everyone a Happy New Year everyone. Christmas is has now pasted and everyone must face the bills we created. January is usually a ruff month for everyone as the credit card statements began pouring in. Moreover, as the heavy traffic of bills pouring in, its time to prepare our tax forms. Tax time which could be a dread word for people and they would prefer not to talk about. However, for the majority of us, we’re looking forward to tax season which means a definite tax return.

Since the day we spent the last dime of the previous year’s tax return, we have been looking forward to the next time we could do it all over again. As soon as we know how much we’re getting we attach a bill or a new acquisition. Employers’ have until January 31st to mail you your W-2 forms. And from my ten year employment history, employers wait until the last week in January to mail your W-2s’. What could be their reason for this madness; I know that I would love to file my taxes right after New Years. Their logic, there are ensuring that their information is correct.


Note: I have good news to help ease the pain or help with celebrations of tax time. The Federal government has eliminated a phone tax that inducted in 1898 to support the Spanish – American War. This tax refund is for anyone who has a phone. A single person will receive thirty dollars and sixty dollars for a couple. Even if you’re not employed you can submit a 1040 EZ to get your credit.


Keeping with the time table, that the majority of us will receive our W-2s’ by the last week in January. That gives us the month of February all the way to April 15th to file our taxes. From now until that point we all should be gathering all supporting documents. In addition I recommend filing your taxes in the month of February. There are only two reasons why anyone should wait until the deadline of April 15th.

Reason 1:

* You have forecasted that your income to expense ratio mandates that you will owe Uncle Sam money. And just like everyone else you’re either want to delay that payment.

Reason 2:

* You are thinking about your future. In preparation of your retirement, you wisely invested in an IRA / some type of retirement fund. And you know that you can continue to make contributions to your IRA up to April 1st of the current year. And the best thing is that all the contributions up to that point you can clam on your taxes and deduct from your total income. Resulting in placing you in a lower tax bracket – Congratulations


Now, your records are in order and you’re all set. Other than reasons that I listed above, I don’t believe that theirs’ any other reason to wait. The big question is how you are going to file your taxes. Many of you have a personal tax consultant that manages our bookkeeping. Many others will end up at H&R Block or Jackson Hewitt. Others will use computer programs (Tax Cut) to finagle our own tax. If you’re the type like me that prefers to do his own taxes, I would like to share with you another option other than Tax Cut – Try Tax Brain.

TaxBrain.com is the only web-based tax solution delivering online preparation, filing, professional assistance and representation in all 50 states. TaxBrain.com is a full-service online tax center providing tax advice, tools, and resources all year to help taxpayers manage their tax burden with greater confidence and ease.

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The Vice President of Taxbrain said in a 2006 press release -"Every tax season seems the same, as the bulk of the taxpayers wait until the last minute to file and get their refunds," said Mr. Petz. "While TaxBrain.com clients are among the leaders in filing early this year, e-filing is also a good option if an extension is needed or payment must be made. TaxBrain.com is now offering any taxpayer the ability to file for an extension of the April 17th deadline for IRS and state filings absolutely free.

"Unlike several major tax preparation companies who charge up to $20 for an online extension, TaxBrain.com offers any taxpayer this service at no charge. The taxpayer does not even have to be a user of TaxBrain.com," explained Mr. Petz.

The TaxBrain.com extension center is the most comprehensive in the industry covering many different ways extensions can be obtained. Forms for extensions in any of the 44 states with income taxes are available, as well as for expatriates living abroad, and military personnel. In addition to filing online, extensions can be secured via regular mail, a credit card, or even over the telephone - the TaxBrain.com online extension center explains them all.

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