Many American’s are already asking the question, “How soon can I file my tax return?” Since most people get a tax refund each year, it’s easy to see why you’d want to file as soon as possible.
But this year, many of us will have to wait until at least mid-February to file our returns.
Lawmakers waited until last month to make last-minute tax-law changes. The Internal Revenue Service said recently those changes will require the agency to “reprogram its processing systems” for a few provisions that were extended in the law enacted in mid-December.
Who will be affected?
First, the IRS said the delays will affect those who “itemize” their deductions on Schedule A. Itemized deductions include such things as charitable donations, mortgage interest, medical expenses and state and local taxes.
About one-third of all taxpayers typically itemize their deductions each year. Nearly two-thirds take the “standard” deduction.
The delay also will hit taxpayers affected by some recently reinstated deductions. “People claiming any of these three items — involving the state and local sales tax deduction, higher-education tuition and fees deduction and educator-expenses deduction — as well as those
taxpayers who itemize deductions on Form 1040 Schedule A will need to wait to file their tax returns until tax processing systems are ready, which the IRS estimates will be in mid to late February,” the IRS said in its recent statement.
The delay affects both taxpayers who file the old-fashioned paper way as well as those who file electronically.
Don’t be a procrastinator!
Don’t be like the guys in DC and procrastinate your own preparation. Because of this delay, many CPA’s and tax preparers are going to be backed up with more tax returns coming at once as we get into February. Gather your information together as soon as possible and get it to your tax preparer. That way he or she can have it ready to file as soon as the IRS is ready to process them.
We now offer professionally prepared tax return service.
Turning Point Financial can now assist you with your tax preparation and filing. Most returns can be done for $125.00, including an itemized schedule A and your state filing. Call today for an appointment 1-866-983-4222. Extra fees apply if for schedule C, E, or F.