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Wednesday, December 29, 2010

Tax filing may be delayed

Just before Christmas, Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. This tax act extended many tax cuts, reducing nearly everyone's tax bill. However, due to the late passage of the bill, the IRS need time to adjust to the new law. Please see the link below for more information.

If you file Form 1040 and itemize your deductions on Sch. A (i.e. you claim mortgage interest, property taxes, and/or charitable contributions) you won't be allowed to file your return until mid- to late-February. This will delay a potential refund for many taxpayers.

You will still be able to prepare your tax return before that date, so don't wait to make an appointment to come have your taxes prepared. We just won't be allowed to file the return until given the go-ahead by the IRS.

http://www.irs.gov/newsroom/article/0,,id=233449,00.html

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