Many people file a tax extension each year, in spite of the fact that they are due a refund. Sometimes they file a second extension and still do not get their taxes done in time.

The thinking is likely that they are not in a hurry for the money and want to get the filing done correctly. For others, they are not sure if they are getting a refund or not, so they put off doing their taxes indefinitely.

This year, there's another reason to get your taxes filed on time...

Most of us have never heard about the Alternative Minimum Tax (AMT) before - unless you've had to pay it or it's your job. However this year, it was projected that approximately 25 million filers would have pay it on their 2007 income.

That was until the very last day of the 2007 Congressional session...

This summer, Congress increased the minimum wage from $5.15 per hour to $7.25 per hour. While this will greatly benefit the workforce in this country, it will also increase the labor expense for all businesses, especially small businesses.

In order to help cope with the added expenses, Congress set aside approximately $4.84 billion dollars in additional tax breaks for these businesses. Below I've listed 3 of the main tax updates.

Whether you are using child investment income as a tax strategy or because your child truly has investment income, you need to be aware of a BIG change that has occurred for the 2006 tax year.