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BREAKING 11:30pm April 15th - The Tax Man Cometh; The Taxpayers Giveth [& Receiveth, Maybe]
Tuesday, Apr 15, 2008 8:27am
WASHINGTON, DC  From CNN  (By: Tom Pace, Talk of the Town) BREAKING TAX NEWS  11:30pm  4-14-08  The tax man is here, and 12 midnight on April 15th is the I.R.S. deadline to file your 2007 returns.  That's the taxing news. 

Now comes the better (hopefully) news: when you file this year's return, you'll be eligible for the government's $600 rebate per person. (The economic stimulus bill approved by Congress & signed by the President).  Here's the catch - if you owe the I.R.S., your rebate goes to them, first.      

According to CNN, I.R.S. figures showed that all taxpayers, from those using the simplest 1040-EZ form to those using longer forms, spent 26.5 hours in record keeping, studying the law, and preparing and sending their forms for the 2006 tax year. That was up from 25.4 hours three years earlier.

The average out-of-pocket cost, including for those taxpayers doing their own taxes, was $207, up from $185 three years earlier. The self-employed taxpayer paid an average $444 to put his taxes together.

That takes a chunk out of the refunds most taxpayers receive. IRS Commissioner Douglas Shulman told Congress last week that as of March 29 it had issued about 70 million refunds, with the average refund worth $2,467. The tax agency expects to process nearly 140 million individual returns this year.

 

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