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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Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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Filing and Paying Taxes
Politics/Laws
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Tax Brackets/Inflation
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