Branscome: Hi… I’m Theresa Branscome from the Internal Revenue Service. And welcome to the 2008 tax filing season.
Joining me is Eric Smith. He's a spokesman for the IRS.
He's going tell you:
Welcome… Eric.
Smith: Oh thank you Theresa. Good to be with you.
Branscome: First of all… there's been a lot of talk about the recent AMT legislation. My first question is… is the filing season starting on time?
Smith: Well Theresa, you know, for most people we’re gonna be starting right on time. If you’ve got your return done, in most cases, you can send it in and we’ll be ready to process it.
Branscome: Alright, you’re saying “in most cases”, what does that mean?
Smith: Well, a few people are gonna have to wait a little longer to send their return in. And in that case, the magic date to keep in mind is February the 11th.
Branscome: Why is that?
Smith: Recent legislation was enacted in December that affected the way people fill out their 2007 return and you know it also affects the way the IRS processes those returns. So we had to change some things in our computer software, reprogram our computers so that we could be ready to process the returns properly when you send them in.
Branscome: Well, how would you know if you are one of these people who are affected? Are there any particular forms you’re talking about?
Smith: Well, there are five forms that are affected, five particular tax credits that people claim on their return. And they’re all listed in the 1040 central section of IRS-dot-gov. So that’s the place to go for all the information.
The biggies Theresa are these:
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If you fill out the short form and you claim the child care credit, you are probably affected.
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Also, those people who take the energy credit and
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Also those people who take the education credits.
So those are the biggies, but for all the information you need, take a look at the 1040 central section of IRS-dot-gov.
Branscome: When does e-file begin accepting returns this year?
Smith: Well electronic filing opens for business on time on January 11th. So you can send in your return there, um whether you use tax preparation software or use a tax preparer or whether you use the free file system.
Branscome: What’s free file?
Smith: Well free file is a way that you can do your return for free on your computer and then electronically send it to the IRS. And you do that by going to IRS-dot-gov and clicking on the free file link and then you can do your return that way.
Branscome: How would you know if you are eligible for this free file program?
Smith: You qualify if your income is less than $54,000. And that’s about seven out of ten of us. So if your income is below $54,000, check out free file on IRS-dot-gov.
Branscome: Alright, and that’s the only place you can find it?
Smith: It’s the only place you can find it. Anywhere else it’s not truly free file.
Branscome: Alright. What about people who bought their tax software early?
Smith: If you bought your tax preparation software early Theresa, it may not include the most current information for doing your 2007 return. So what you want to do is follow your manufacturer’s instructions for updating your software. Chances are that means going to their website, going to the updated software section of their website, downloading the most current information and when you do that, you will be ready to go.
Branscome: Alright. And my final question is, how can people lower their tax bill or get a bigger refund?
Smith: Oh, we all want to get a bigger refund Theresa. And the best way to do that is to check out all of the deductions and credits on IRS-dot-gov. If you go to the 1040 central section, it has a lot of good information on often overlooked deductions and credits.
There are three that we particularly want people to check on:
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the earned income tax credit for low and moderate income workers and working families;
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there’s a savers credit for people in the low and moderate income category who are setting money aside for retirement; and then
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the child tax credit for people who have kids under the age of 17.
Branscome: Alright. Well, thank you so much… Eric.
Smith: Oh I enjoyed being with you Theresa.
Branscome: And thank you all for joining us.
I'm Theresa Branscome. And remember, the official website for IRS information is found at IRS-dot-gov.
Audio File: 2008 Filing Season Kickoff - Theresa Branscome from the Internal Revenue Service joined by Eric Smith, 4:46 minutes long. The audio file will open in Windows Player, and you will be able to pause, fast forward, rewind, mute, and control the volume from the interactive player.
IR-2008-1, Jan. 2, 2008 - Tax Packages Arrive in Mail; IRS Reminds Taxpayers to e-file and Watch for Tax Law Changes
Audio and Text Scripts of Audio Interviews 2008
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