Resources:
Q&A
Q: Is this really free?
A: Yes, the review is totally free, you only pay when we find you more money. No money found, no charges to you.
Q: If my return was messed up originally by a preparer, why should I think you guys will do it right?
A: Great question! The big guys are usually trained before the tax season starts and have little time to learn all the tax laws.
Q: Are my tax documents returned?
A: You will receive a copy of all filed amended tax returns. If the tax reviewer determines you are paying the appropriate amount of tax, your tax documents are permanently discarded.
Q: How long is the tax review process to determine if I have a refund? How long will it take to receive my refund?
A: The average review period is approximately 3 days. Once your amended tax return is filed, the IRS refund is processed on average within 3-4 months.
CHAT with one of CNB Tax Services expert's NOW!
back to: Articles Forms Q&A Links
Tax Info:
2007 Tax rates: Below are the resulting tax rates and income ranges for 2007:
|
Filing Status and Income Tax Rates 2007 |
||||
|
Tax rate |
Married filing jointly |
Single |
Head of household |
Married filing separately |
|
10% |
$0 - 15,650 |
$0 - 7,825 |
$0 - $11,200 |
$0 - 7,825 |
|
15% |
$15,651- 63,700 |
$7,826- 31,850 |
$11,201- 42,650 |
$7,826- 31,850 |
|
25% |
$63,701- 128,500 |
$31,851- 77,100 |
$42,651- 110,100 |
$31,851- 64,250 |
|
28% |
$128,501- 195,850 |
$77,101- 160,850 |
$110,101- 178,350 |
$64,251- 97,925 |
|
33% |
$195,851- 349,700 |
$160,851- 349,700 |
$178,351- 349,700 |
$97,926- 174,850 |
|
35% |
over $349,700 |
over $349,700 |
over $349,700 |
over $174,850 |
Source: http://www.irs.gov/formspubs/article/0,,id=164272,00.html
For the 1040EZ there are two filing status options: Single or Married filing jointly. To file under a different status, you will need to use a different tax form such as the 1040 or 1040a. The table below summarizes the five possible filing status choices, including the two that are available for the 1040EZ. It is important to understand that your marital status as of the last day of the year determines your filing status.
|
Filing Status for 2007 |
|
|
Married filing jointly |
If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married filing separately". |
|
Qualified Widow(er) |
Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or step child whom which you are the primary provider. |
|
Single |
If you are divorced, legally separated or unmarried as of the last day of the year you should use this status. |
|
Head of household |
This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you. |
|
Married filing separately |
If you are married, you have the choice to file separate returns. The filing status for this option is "married filing separately". |