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It's April 15. Do you know where your taxes are?
If you have already filed your 2007 federal income-tax return, take a bow. You're done. You can relax and smile at all your friends who haven't done their taxes.
If you haven't filed your tax return with the Internal Revenue Service, you have two options: File the return, or file for an extension with Form 4868 (.pdf file).
If only because the stress is less, if you can file your return, go for it. You'll be done. And to be on time, you must file by midnight. Not all post offices will be open until midnight. Check with the U.S. Postal Service (or local news outlets) to find a local post office that will be open late.
Get your pencils sharpened, have your calculator at the ready, and get to it. When you're done, don't forget to sign and date the return. And don't forget to attach your W-2 forms. Use MSN Money's tax estimator to check your work. You can also use the estimator to file online with TurboTax. Not sure if you deduct something? No problem. Try our deduction finder.
Want to get a head start on your 2008 taxes? Check our paycheck analyzer to see whether you're withholding enough to keep the tax man happy.
Plus, use all of the tax tools, tips and ideas on MSN Money. Check Jeff Schnepper's articles, and use MSN Money's Fast Answers Q&A feature, which covers many of your likely questions.
Don't be concerned if you don't work well under pressure. If you make a mistake and miss a deduction, you have three years from the due date of your return to file a correction. To amend your return, use Form 1040X. You can download it from MSN Money or from the IRS.
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Though there weren't a lot of tax changes that affect 2007 returns, there were enough that you might want to check MSN Money's Tax Law Changes page.
States will accept a copy of your Form 4868, the automatic request for an extension. A number of states have later filing dates.
- To download state tax forms, click here.
If you can't file, get that extension filed
If you can't get your taxes together today for any reason, your best option is to file Form 4868.Download Form 4868 here. (For a Spanish version of the form, click here.)
You can also get an extension if you use tax preparation software and send in the extension request via that program. (The IRS has discontinued its program of filing for an extension over the phone.)
Don't bother calling a tax preparer and asking if he can do your taxes at the last minute. He'll just tell you to file for an extension.
Don't be ashamed if you file for an extension. The IRS estimates 9.9 million taxpayers will ask for extensions, up from 9.5 million a year ago.
Video on MSN Money
How Uncle Sam spends your taxesAs you send off your tax forms to Uncle Sam, do you ever wonder where all the tax money goes? MarketWatch's Rex Nutting explains.
When you file for an extension, you'll only need this information:
- Your name.
- Your address.
- Your Social Security number (and your spouse's if you're married filing jointly).
- How much you think your final tax bill will be.
- How much you've paid to the IRS so far.
- The amount of the check you're including with your extension form if you need to include a payment.
Be sure to obtain proof from the post office that you mailed your extension request on time. (You can do that by sending the extension request by certified mail.) You always have the burden of proof that you filed on time -- even for extensions.
Continued: You still need to pay Uncle Sam
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