Now, I'm sure you are extremely excited about this article. If you're not, it may be the drudging thought of finding and gathering receipts and mounds of endless paper.
Well this issue will help lighten the burden.

1. Now is a good time to check your retirement plan. Are you contributing? More importantly, are you contributing the maximum allowable?

   Did you know that by contributing to a qualified retirement plan, such as a 401k or IRA, you could  qualify for a "savers" credit, that con lower your tax liability?  This means that you can potentially receive a larger tax refund!
   
   
2. Change in personal status? Perhaps you've gotten married or had a child...perhaps that "visiting" relative from the beginning of the year is still living with you! You want to start making a list of pertinent information (names, date of birth, social security numbers) available for your tax professional.
   
   
3. Not sure if you're having enough taxes withheld?  Many taxpayers get "caught" owing the IRS because they did not fill out their W-4 form(s) properly...or, if a major change has occurred in their life (marriage, divorce, gain or loss of a child or relative, etc.) the taxpayer did not update their W-4 information, he/she may be having too little tax withheld. Check with your human resources department.
   
   
4. Attention entrepreneurs: hope you are making your quarterly ,"estimated" tax payments. You don't want to get hit with a huge tax bill (plus potential penalties)...especially if it's been a "good year". Check with your tax professional for more information.
   

These are just some tidbits of information in helping you to prepare for the
2007-2008 tax season.