Tax season is here and although we've heard over and over on the news that the Bush era tax changes have been extended, it's also critical to note that changes have been put into effect for 2011 by the IRS. First and most important it should be noted that taxpayers will have till April 18, 2011 to file their taxes as opposed to the traditional April 15 deadline. This is due to Emancipation Day being observed on April 15 in the District of Columbia (http://www.irs.gov/newsroom/article/0,,id=233910,00.html?portlet=7).
Even more important is the fact that the new tax law enacted by Congress and passed by President Obama will not be programmed by the IRS until mid to late February. These new laws passed in February did not give the IRS enough time to reprogram it's processing systems in time for the normal January submissions.
Folks required to wait will be anyone who itemizes deductions on Form 1040 Schedule A including deductions for mortgage interest, charitable donations, medical/dental expenses, as well as state and local taxes. It also includes individuals claiming higher education tuition and fees or educator expenses.
Stay tuned for more to follow on tax credits and deductions to consider including those often forgot about.
More on recent tax changes can be found at: http://www.irs.gov/formspubs/content/0,,id=178012,00.html
No comments:
Post a Comment