While the month of April and specifically April 15th has always garnered major tax-season headlines, October 2008 is shaping up as a strong rival. An estimated 15 million taxpayers should take note that this October could bring relief - or more headaches - to their tax liability depending on their tax situation. Here are just a few reasons why:
* Approximately five million taxpayers have yet to file a tax return in order to receive their Economic Stimulus checks.
* More than 10 million taxpayers who filed an extension have until October 15 to file their returns.
* In 2007, 1 in 97 tax returns were audited by the IRS, up from 1 in every 202 in 2000. That number is likely to rise again this year.
* Several key tax benefits are set to expire by year's end.
Amy McAnarney, Executive Director of the H&R Block Tax Institute, highlights the key elements impacting taxpayers this October.
