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Tip of the Day Be Wary of Mutual Funds

Be Wary of Mutual Funds - Mutual funds for years have been a safe investment option if you are going to invest your money, but lately these investments are not...

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Federal Tax 2007

If you haven't filed your 2007 Federal Tax Return, you need to be sure you're using the correct forms. The IRS makes numerous changes to tax return forms each year, so it's important you're looking in the right spot for the correct forms.

The IRS lists all these forms for 2007 on their website, as well as instructions on how to use them and when they need to be used. However, there are certain forms that are named and distributed for informational purposes only; the IRS lists this information on their website as well.

"Some forms provided as electronic files on IRS.gov are for "information only" and should not be reproduced on personal computer printers and filed with the IRS," says irs.gov. "The printed, paper version of these forms are developed as "machine readable" products. As such, they must be produced using special paper, special inks, and within precise specifications.

"The list below identifies these "information only" forms. Additionally, a cover page is included with the downloadable file that may have more specific information concerning the individual product including possible fines for improper use."

Form W-2 (series)

Form W-3 (series)

Form 941-M

Form 1096

Form 1098 (series)

Form 1099 (series)

Form 5498 (series)

Form 5500 (series)

Form 8109-B

"The printed version of these forms may be obtained by calling 1-800-TAX-FORM (1-800-829-3676) or by ordering online at forms and publications by U.S. mail or employer forms and instructions."

One of the major changes made to the tax forms in 2007 had to do with Partnerships that are required to e-file.

"Partnerships required to file electronically may use the following approved guidelines to prepare their income tax returns for tax years ending on or after December 31, 2007, without the need for a waiver. These directions are not all inclusive. This is a living document and it will be updated as needed. Updated sections will be identified by the date they were updated," says irs.gov.

"Partnerships should carefully review the permanent directions for electronic filing contained in Publications 4163 and 4164. Partnerships required to e-file may elect to use any or all of the following directions.

Major Changes for Tax Year 2007

* Fewer documents will be allowed in PDF

o Form 2439 required in XML format if you are the reporting agent

o Form 3115 required in XML format if filed with the return

o Form 8621 required in XML format if filed with the return

o Form 8832 required in XML format if filed with the return

o Form 8886 required in XML format

o Form 8923 required in XML format

* New Form for Tax Year 2007

o Form 8925 required in XML format


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Definition of the Day Heterogeneous

Heterogeneous – Heterogeneous is a broad term that refers to individuals, items, companies, industries, etc. that are dissimilar from each other while still pertaining to a larger whole.  The opposite of heterogeneous is homogeneous, which encompasses similar objects within a group.  Outside of economics and business, heterogeneous can also be...

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