By Robert Steere, Toolkit Staff Writer

Although the majority of individuals have filed their 2008 tax returns, remember that we have continuing obligations as taxpayers, and another tax filing season is less than a year away. It may be the perfect time, while your mind is still churning with tax information, to consider the planning you can do to handle tax-related issues during the coming year.

Wrapping up 2008 taxes. For many taxpayers, the 2008 filing season may not be over yet. You may be one of many who have filed IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, for an automatic six-month filing extension. Perhaps you haven't received all the information you need in order to complete your return. Or maybe you just don't have the time to focus on tax return preparation right now. If so, by getting an automatic extension, you may have delayed the inevitable filing deadline until October 15, 2009. But remember, the filing extension does not extend the time for paying the amount of tax that will ultimately be due, so make sure you do a careful estimate of the tax that will be due, and make your payment by April 15 to avoid late payment penalties and interest.

Similarly, the 2008 tax year may not be entirely behind you if adjustments need to be made for inaccuracies on your 2008 return. You may need to file an amended return (IRS Form 1040X). The IRS usually corrects math errors or requests missing forms, but if you mistakenly omitted an item of income or a legitimate deduction or credit, you will want to file an amended return to make the correction. It is wise to file an amended return as soon as possible after you discover the error, but it must be filed within three years after you filed the original return in order to receive any tax refund resulting from the amended tax return.

Planning for 2009 taxes. In any event, as you wrap up your 2008 tax return preparation, take some time to think about your taxes for 2009. Try to learn from this year's tax season. With just a modest investment of your time now, you can use this year's experiences to help plan for next tax season.

Tax planning insights come in various forms. There are insights dealing with the mechanics of gathering your tax data, preparing your tax returns, and filing your tax returns. There are also insights dealing with actual tax planning ideas that can influence your tax liability for the coming year. These may include ideas about pursuing and using specific types of income, deductions and credits that will reduce your overall tax bill.

The mechanics of tax filing include things like maintaining necessary records throughout the year, being able to easily find the records and files you need come tax time, your method of preparing your taxes (e.g., paper and pencil, software, professional tax preparer, etc.), and anything else necessary to complete and file your tax return on time. When considering these matters, evaluate what worked and what didn't during the last time around. Then, a la Scrooge, commit to mending your evil ways and make any necessary changes in the coming year.

As far as tax planning goes, knowing where you've been can help get you to where you want to go, especially if you're self-employed. In other words, seeing how you came out on your last tax return can help alert you to changes that need to be made to minimize your tax burden next time.

For example, if you underpaid your estimated taxes and paid a penalty, or if you overpaid your taxes and got a huge refund, you should adjust your estimated tax payments or withholdings throughout this year accordingly. You will want to explore the different deductions and credits available to lower your overall tax bill, like investing in a retirement plan or purchasing assets for your business. You will want to familiarize yourself with various other deductions and credits that may be available to you for certain activities or events in 2009, including such items as the $8,000 First-time Homebuyer Credit for a qualified purchase of a new home, the $2,500 American Opportunity Education credit for college tuition, the $2,500+ credit for New Qualified Plug-in Electric Drive Motor Vehicles, the $1,500 credit for Nonbusiness Energy Property, and the deduction for sales tax on the purchase of a new vehicle.

If you had a more difficult tax season than usual, remember to plan now to prevent history from repeating itself next year. In the meantime, may the remainder of the 2008 tax season go well with you, and may next season's efforts be the most successful ever.