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TaxCut Online and 2007 Tax Law Changes

January 28, 2008 by Pinyo.

There has been a lot of talk about the economic stimulus package and tax rebate among the personal finance bloggers last week. Today, I am going to shift gear a little and start talking about income tax return. Traditionally, I use TaxCut to prepare my tax, but this year I am going to try TaxCut Online. The nice thing about the online version is that I don’t have to pay until I am ready to file. This means that I can peruse their help section and interactive video library free of charge.

2007 Tax Law Changes

For example, the first interactive video reviews information about 2007 tax law changes. These changes include:

New Rules for Giving to Charity – now requires receipt or bank record no matter how small
Mortgage Insurance Premiums May be Deductible
Personal exemption increases from $3,300 to $3,400
Standard deduction increases
- Single: from $5,150 to $5,350
- Head of household: from $7,550 to $7,850
- Married filing jointly: from $10,300 to $10,700

Alternatively, you can also consult IRS web site for the complete list of 2007 tax law changes and highlights of 2007 tax changes.

As I go through my tax preparation process, I will be sharing more information with you. In the mean time, here are some tax related posts:

Suggestions for your Tax Refund - Part 1 @ Single Guy Money
Flying Like an Eagle @ Being Frugal
Earn Smarter, Not Harder @ Personal Finance Hacks
Tips for Choosing an Accountant or Tax Preparer @ Money Smart Life
Diversification Part I - Taxes @ Handling Finances

This post was featured in:

The Tax Carnival #30: Ever-changing taxes hosted by Don’t Mess With Taxes. For more information, please visit the Carnival of Taxes.

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4 Comments

Ron@TheWisdomJournal, 28. January 2008, 13:21

I’ve used TaxCut for 7 or 8 years and it has always worked very well for me. I may try the online version this year, though. Thanks for pointing it out. I had forgotten there even WAS an online version
Pinyo, 28. January 2008, 19:07

Ron, I typically use the desktop version too. However, a friend pointed out that I can look around in the online version without paying until I am ready to file. That’s why I am having a look. By the way, the online version looks surprisingly similar to the desktop version.
Mr. Stubbs, 29. January 2008, 16:17

looks like using pen and paper is out, my father in law is an accountant always helps with my taxes
patrick, 30. January 2008, 22:36

you can also buy these packages at www.savingswatch.com and get a cashback discount… they also have some good coupons although I did not see any specifically for these software packages.