If you have your necessary information, you can now file your 2007 income tax return with the IRS. As of January 11, the IRS had begun to accept 2007 income tax returns, including those filed electronically.
The IRS encourages e-filing for several reasons:
About 13.5 million taxpayers cannot have their returns processed until about February 11, 2008. The IRS needs more time to program their computers in light of alternative minimum tax legislation that was enacted in late December. Affected taxpayers include those who file any of the following five forms:
Advance payment of current tax liability based either on wage withholdings or installment payments of your estimated tax liability. To avoid penalties, you generally must pay to the IRS either 90% of your final tax liability, or either 100% or 110% of the prior year’s tax liability, depending on your adjusted gross income.