|
Welcome to the Monmouth College VITA
homepage!
Puzzled by the tax law or which credits
and deductions to take? Need assistance with your tax return?
Volunteer Income Tax Assistance (VITA) is an
IRS program designed to
assist low income taxpayers ($40,000 and below) file their tax returns.
Volunteers at this location are college students that have been trained
and certified by the IRS to prepare tax returns. They can help you with
special credits, such as the Earned Income Tax Credit (ETIC), the Child
Tax Credit, education credits such as the Hope and Lifetime Learning
Credits, and the Credit for the Elderly.
In addition to free tax return preparation assistance, we offer free
electronic filing. You can expect refunds in half the time compared to
returns filed on paper even faster if you have your refund deposited
directly into your bank account.
The service is provided on a first-come, first served basis and your
returns are prepared while you wait.
Whats New for 2007 Tax Returns?
Due to late legislation by Congress a number of
forms will not be processed by the IRS until February 11th.
Three of the forms that may affect many
of our constituents are:
- Form 8863, Education Credits
- Form 5695, Residential Energy
Credits and
- Schedule 2 of Form 1040A, Child
and Dependent Care Expenses
We will still be happy to prepare
returns before that date and hold for
e-filing, or those returns may be mailed to the IRS by the taxpayer.
Exemption Amount Increased
The amount you can deduct for each exemption has increased from
$3,300 in 2006 to $3,400 in 2007.
Standard Deduction Amount Increased
The standard deduction for taxpayers who do not itemize deductions on Schedule A of Form 1040 is higher for 2007 than it was for 2006. The amount depends on your filing status, whether you are 65 or older or blind, and whether an exemption can be claimed for you by another taxpayer. The basic standard deduction amounts for 2007 are:
Head of household -- $7,850
Married taxpayers filing jointly and qualifying widow(er)s -- $10,700
Married taxpayers filing separately -- $5,350
Single $5,350
The standard deduction amount for an individual who may be claimed as a
dependent by another taxpayer is the smaller of the taxpayer's normal
standard deduction (per filing status) or the sum of $300 and the
individual's earned income, but not lower than $850.
Please note: The information
covered on our web site is not intended as tax advice nor should it be
construed as tax advice. Monmouth College volunteers are not professional
tax advisors and cannot give tax advice. For tax advice assistance,
contact a professional tax advisor. |
