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SACRAMENTO, April 8 /PRNewswire/ -- Yikes! There are only a few days to go, and by now you've probably given up trying to do your own taxes. You've pulled all the hair out of your head, tossed the computer out of the window, and gathered up all your paperwork into a shoebox and headed out into the cold, unfeeling world to find a tax professional.

First of all, don't feel too badly; the IRS estimates that approximately 40% of U.S. taxpayers, or about 52 million Americans, will wait until April 15 to file their taxes. The Internal Revenue Code and IRS Regulations number more than 22,000 pages. For all but the simplest returns, it can take an Enrolled Agent or other tax professional to ensure that you are receiving all the deductions and credits to which you're entitled.

When you go shopping for a last-minute tax pro, make sure your shoebox contains W-2 statements -- reflecting wages earned through the year for all jobs you worked -- and 1099 forms for all of your investments and other income sources, including savings accounts. You'll also need receipts for charitable contributions, a logbook with receipts for business-related mileage and expenses, and other key documents. An Enrolled Agent can tell you more.

What was new in 2003?

Tax rates were lowered on some cNEW YORK, April 8 /PRNewswire/ - American taxpayers have been slow to
embrace the option to pay Uncle Sam with their credit cards, according to a
study of 1,000 American adults conducted by leading market research firm Ipsos-
Insight. The study reveals that while 63% of American adults are aware that
the Internal Revenue Service accepts credit cards, only 1% plan to use a
credit card to pay incremental Federal income taxes the next time they owe.
"The barrier to broader use is clearly the large convenience fees being
charged directly to the taxpayer for this service," said Greg Mahon, Senior
Vice President with Ipsos-Insight's Financial Services practice.
According to the study, Americans are extremely resistant to paying the
convenience fees. Three out of four (76%) say they "definitely will not" use a
credit card the next time they owe incremental Federal income taxes. Instead,
they will resort to the usual personal check (70%), money order (12%) or
direct debit from bank account (9%). The study reveals that if the service
were free, 34% of taxpayers would use it, sending the signal that the
convenience and loyalty benefits of using a credit card are appealing, just
not for a premium.
"Most consumers are looking for ways to trim $100 here and there from
their tax bill, not add $100," continued Mahon.
"To make this work, the IRS - together with the credit card companies -
needs to come up with a plan that significantly reduces the convenience fees
charged to taxpayers. Our research indicates a significant number of taxpayers
would use this service if the fees charged to them were 1% or less. If the IRS
decides they want broader usage of this payment option, they will need to find
a way to pay the card companies a processing fee, just like the millions of
other merchants worldwide," concluded Mahon.

To view the full release, go to:

http://www.ipsos-na.com/news/pressrelease.cfm?id=2113

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