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2007 tax filing season
sets records … again

November 8, 2007

Ho-hum. Same old, same old. Another tax-filing season, another IRS statistical record falls.

Nearly 80 million of us filed out taxes electronically this year, breaking the record set last year.

As the table below shows, that’s pretty much been the pattern since the IRS began accepting and then encouraging taxpayers to e-file.

2007_efile_stats_graphic_3

The IRS reports (IR-2007-185) that the exact number of e-filers for the 2007 tax season, which officially closed out on the Oct. 15 extension deadline, was 79.98 million. That’s about 9 percent more than filed electronically the previous year.

This year, more than 22.6 million returns were e-filed by taxpayers themselves, compared to 20.3 million such tax do-it-yourselfers in 2006.

But despite our tax-filing independence (or, rather, our dependence on tax software), tax pros have little to worry about. More than 57.4 million returns were e-filed by paid preparers, up from nearly 52.9 million the year before.

Direct deposit also sets record: The E-train continues to roll into other tax parts of our lives. According to the IRS, more people this year opted to have their tax refunds directly deposited than ever before.

For the year to date, the IRS reports that it has directly deposited 61.4 million refunds, up 8 percent from last year.

And in less than two months, 2008 will be here and we can start trying to break those tax records yet again!

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Credits/Deductions
Disasters
Family
Filing and Paying Taxes
Politics/Laws
Refunds
State Taxes
Tax Brackets/Inflation
Tax Tips
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