HACKENSACK, N.J. - The countdown is on: You've got just until the end of Tuesday, April 15, to file your federal and state income tax returns.
It's a bit late to offer advice on how to limit what you'll have to pay or to increase your refund - with the exception of investing in an individual retirement account, which you can do until April 15 and get credit for 2007.
But here are a couple of tips to help you get through a process that can be intimidating.
For starters, if you haven't done it before, consider filing electronically. It's easy and inexpensive (or free, if you qualify). Plus, by e-filing, you'll get your refund within 10 days and you'll be among the first to get a tax stimulus payment.
Those who have e-filed in the past probably don't need to be convinced to do so again. But you should still spend a few minutes checking out some of the private vendors from among the list of 27 listed on the IRS Web site because there are significant differences in what they offer and charge.
If you have an adjusted gross income under $54,000, there is no fee. Go to IRS.gov, click on the "Free File" button and follow the instructions.
If your adjusted income is more than $54,000, you'll have to pay, but you'll find several vendors to handle your federal and state returns for less than $10. Others charge extra for state returns, and that can push the tab over $25 for essentially the same service.
A few other things to look for:
Most services prepare federal and state returns, but some handle federal returns only. Some do a single state only; others do multiple-state returns.
Make sure the software can handle your return. Most services cover all the basics, but they may not be able to handle special credits or deductions such as adoption credits, foreign employment income or casualty losses, or itemized deductions at all.
All sell extra services, such as mailing you printed copies of the return. Decide if you need them.
There's no question that e-filing is growing in popularity. This year the IRS is projecting that 76 million people nationally will e-file.
But even with e-filing, it's possible to make mistakes.
J. Gregg Rollins, president and chief executive officer of CitizenTax.com, an Internal Revenue Service-authorized e-filing provider, cautions that attention to detail is important here, too.
