Since Congress waited till the 11th hour to cut a deal on Fiscal Cliff tax changes, the IRS has been forced push back the start of tax season this year.
The agency will start processing individual income tax returns on Jan. 30, eight days later than originally planned, it announced today.
The majority of taxpayers –– 120 million households –– will have no problem filing on that date, but given the crop of new tax changes to consider, the IRS is warning that some may have to wait until February or March to file –– namely, anyone claiming energy credits, depreciation of property or general business credits.
"While the IRS worked to anticipate the late tax law changes as much as possible, the final law required that the IRS update forms and instructions as well as make critical processing system adjustments before it can begin accepting tax returns," the agency said in a statement released Tuesday.
" Most of those in this group file more complex tax returns and typically file closer to the April 15 deadline or obtain an extension."
There's no tangible benefit to filing tax returns early, although it does usually mean a faster refund. E-filing is the fastest way to get the job done. See this resource page on the IRS for more information.
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