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 Season 2026 Continues!

We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

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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Disasters

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Filing and Paying Taxes

Politics/Laws

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State Taxes

Tax Brackets/Inflation

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