Bad news for those who owe, too

December 19, 2007

The 2008 filing season is shaping up to be a very costly tax season for all taxpayers.

All you folks expecting a refund on your 2007 return already know that you’re going to have to wait a little longer for your tax cash, thanks to Congressional maneuvering over the AMT (the sad, sorry details are blogged about here and here).

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Now there’s equally disconcerting news for taxpayers who owe.

It’s bad enough when you have to hand over money to Uncle Sam. Well, now he wants your cash even more quickly. Big surprise … Not!

The IRS reportedly is reducing the "float" on checks mailed with income tax returns.

It now will convert checks into direct debits to enable it to get your money right away. So don’t be surprised when you see that ACH, for Automated Clearing House, on your post-tax-payment bank statement.

And before you drop your Form 1040 and accompanying check into a snail mail box, make sure you have — or will have — enough money in your account to cover it when the postman drops it off at the IRS.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic.

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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