April 15 and you: Help with figuring out your taxes

Tax Season at a Glance

Filing deadline: Tuesday, April 15, 2008

IRS forms/publications: Download from the IRS Web site by navigating to "Forms and Publications"; order by mail by calling (800) 829-3676.

State income tax: Information and forms from the Michigan Department of Treasury

Detroit income tax: Information and forms from the City of Detroit Finance Department

Filing extension: Automatic six-month extension to Oct. 15, 2008, as long as Form 4868 is filed by the April deadline. But any tax owed must be paid by April 15.

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What's new

  • Filing delays until mid-February for taxpayers using any of five specific forms related to the alternative minimum tax: Form 8863, "Education Credits"; Form 5695, "Residential Energy Credits"; Schedule 2 of Form 1040A, "Child and Dependent Care Expenses for Form 1040A Filers"; Form 8396, "Mortgage Interest Credit"; and Form 8859, "District of Columbia First-Time Homebuyer Credit."
  • Deduction for mortgage insurance premiums on home acquisition debt that was new or refinanced in 2007. Only taxpayers with adjusted gross incomes of $100,000 or less take the full deduction, which phases out as income increases.
  • Homeowners granted forgiveness of mortgage debt in 2007 don't have to pay taxes on the amount of that forgiveness, up to $2 million ($1 million for a married person filing a separate return).
  • Stricter record-keeping rules for charitable cash donations. All must be backed up by official records such as a check, bank copy of the check, electronic funds transfer record, credit card or credit union statement. A charity's written acknowledgment also is OK.
  • 2007 is the last year to claim the credit for certain energy-efficient home improvements, as long as you didn't use it up for 2006.
  • The alternative motor vehicle fuel credit can still be taken for 2007 purchases of certain hybrid and alternative fuel vehicles. But the credit is phasing out or disappearing for many such vehicles as manufacturers reach 60,000 vehicles sold. Check the IRS Web site for a list of vehicles and credit amounts.

Filing and refunds

Free e-filing: The IRS' Free File Alliance with tax software companies allows taxpayers with incomes of $54,000 or less to prepare and file returns online for free if they access the tax prep program through the IRS Web site.

Audits: The average taxpayer's chances of an audit are slim. People with high deductions and income face greater odds.

Refunds: File electronically to get your refund within days if you have your money deposited directly into an account. Paper tax returns and refund checks can take up to eight weeks.

Check refund status: Go to the IRS Web site and click on "Where's My Refund?" on the left. When prompted, enter your Social Security Number, filing status and exact amount of the refund shown on your 2007 return. Or, call (800) 829-4477. This is also the phone number for recorded information on various tax topics.

Tax help: The IRS Web site has links to every tax topic. Or call(800) 829-1040 for individuals, (800) 829-4059 (TDD) for those with hearing impairment, (800) 829-4933 for businesses.

Economic stimulus rebate calculator: How much will you get? Check the calculator

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