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:
Casualty losses such as from a storm, in areas declared by the President to warrant federal assistance. An election may be made to deduct the loss in the year before the loss or the year of the loss.