Warning: Yawns & frowns, ahead!
Yes, folks, it is getting to be that time of year. Time to think about getting receipts & forms together, contributions to retirement plans (yes, I know, you have until April, but think about it now) and any extra donations to charities made.
Here's a list of places for help:
To help grease the wheels, here's a Beatles clip of Taxman:
http://en.wikipedia.org/wiki/Image:Beatles_taxman.ogg
Web sites for Tax Planning
Internal Revenue Service
www.irs.gov
Tax forms & tips
www.1040.com
www.taxweb.com
File your taxes online
www.taxsoft.com
AARP Tax-Aide
Free help for low-income and older people
http://www.aarp.org/money/taxaide/
Ernst & Young
www.ey.com/us/tax
H&R Block
www.hrblock.com
Turbo Tax
www.intuit.com/turbotax
State income tax information
www.taxadmin.org
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of collateral interest:
new new new
FUTURE RETIREMENT Contribution Limits
403(b) and 401(k) Retirement Plans
Basic Limit, Section 415 limit*
2008 — $46,000
2009 and beyond — IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
403(b) General Limit on salary reduction contributions** 402(g) limit
2008 — $15,500
2009 and beyond — IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
457(b) plan limit*
2008 — $15,500
2009 and beyond — IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
Additional permitted salary reduction contributions** for those 50 or over
2008 — $5,000
2009 and beyond — IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
* The maximum contribution is the lesser of 100% of compensation or this adjusted limit.
** Includes employee salary reduction contributions and Roth elective deferral contributions.
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Future IRA contribution limits
The annual contribution limit for both Traditional (pre-tax) IRAs and Roth IRAs will increase from $4,000 for 2007 to $5,000 for 2008 and will be indexed for inflation thereafter in $500 increments. Individuals age 50 or over may make additional “Age 50 catch-up” contributions of $1,000 for 2006 and thereafter.
Traditional and Roth IRA contribution limits
2008 — $5,000
Thereafter, the IRS may adjust annually for inflation. Any adjustments will be in $500 increments.
Traditional and Roth IRA catch-up for those 50 or over
2007 and beyond — $1,000
Sorry, friends, taxes are a nasty subject...just try to think of all the half-way decent services we are provided with here in the U.S. of A. that these dollars provide. Hope this post will be of some small service. I'm ducking now! 
Inquiring minds want to know - Will this post help you? Aggravate you? Inspire you? Hack you off at the blogger? Incite rioting at the polling booth next time you vote? Spark a revolution?
The Tax Man Cometh
December 18th, 2007 at 03:38 pm
The Tax Man Cometh
December 18th, 2007 at 05:23 pm 1197998616
And don't forget about those HSA contributions!
December 18th, 2007 at 06:24 pm 1198002275
And good call on the HSA contributions. If anyone has unspent monies in their HSA, now is time to restock on OTC meds and bandaids, etc. and not lose those funds.
The Hubster and I just this morning sat down and figured out what we plan to put back towards the HSA for 2008.
December 18th, 2007 at 07:55 pm 1198007729
December 18th, 2007 at 08:13 pm 1198008815
Yes - HSAs roll over BA. There are also HRAs and FSAs and all sorts of stuff. Some of them don't rollforward so I figure that's what they meant.
December 18th, 2007 at 09:30 pm 1198013430
December 23rd, 2007 at 03:37 am 1198381066