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Tax Year 2007

Tax materials generally are focused on the tax rules for the current year's income tax return. But you may need to take another look at tax rules for 2007 returns. For example, you may have failed to claim a deduction or tax credit on your 2007 return that you only recently learned about; filing an amended return for 2007 means using tax rules in place for that year.

When filing a return for 2007, be sure to use:

• 2007 tax forms and schedules. Most forms and schedules for 2007 cannot be used for a prior year.
• 2007 tax rates. When figuring your taxes, be sure to use tax rates in effect for 2007. These rates are reflected in the 2007 tax table, the 2007 tax computation worksheet, and the 2007 earned income credit table.
• 2007 tax rules. Limitations on various exclusions, deductions, and credits are adjusted annually, so use the applicable limitations for 2007. Tax breaks come and go, so opportunities that apply for 2008 may not have been available on 2007 returns (and vice versa); check each tax rule used for 2007 returns.