Last Minute Tax Tips for Tax Year 2007

So you waited until the last minute to file your taxes, probably because you may have a tax liability, or maybe you are like many of us, simply a procrastinator. Well most transactions that could have helped you proactively lessen your tax liability had to be completed by December 31st, 2007, but you knew that, that’s why you will start planning for this year’s taxes right after you have filed the 2007 tax return, right?.


Money Tip:Credit Cards - Universal Default Clause

If you use credit cards, get out your contractual agreement with the credit card company. Does your agreement have a "universal default clause?" Of course the best option is not to have to use any credit card company at all, but if you do - try to find one that doesn't burden you with a "universal default clause."

The "universal default clause" allows your card company (we'll call it Company X) to raise your credit card interest rate, if it determines from your credit report that you have been late on another bill, (that bill could be another credit card, or say your utility bill, or your mortgage, among others), even if you are making timely payments on Company X's credit card. Company X now has the go-ahead to hike your rate into the interest rate stratosphere - often hiking rates as high as 24.99% and even 31%.

Check your interest rate each and every month, so if they have exercised their right, you can exercise yours and move to another credit card company, or better yet pay off the offending debt.

Let us know of your experiences with the "universal default clause."

Check the status of your 2007 Tax Refund

Check By Phone: You can check the status of your 2007 tax refund, by calling 1-800-829-4477 and pressing 1 for automated refund information or you may call 1-800-829-1954. Its reccommended that you wait at least 6 weeks from the date you filed your return (3 weeks if you filed electronically), however it is possible to receive your refund in less time. Of course the closer it comes to the return deadline, the more likely you will have a longer time to wait. You will need to have your 2007 tax return available as you will need to give:
-your social security number
-your filing status
-and the exact whole dollar amount of your refund.

Check Online: You can also
check online to get the status of your own personal refund. Again, you will have to have the following information available:

-Social Security Number (or IRS Individual Taxpayer Identification Number)
-Filing status (Single, Married Filing Joint Return, Married Filing Separate Return, Head of Household, or Qualifying Widow(er))
-Exact refund amount shown on your return

"No matter who you are, making informed decisions about what you do with your money, will help build a more stable financial future for you and your family." Alan Greenspan