TAX SEASON SOON TO START FOR MOST, EXCEPT...As a result of last week's tax law changes, the Internal Revenue Service announced the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to file their individual tax returns. In addition, taxpayers who itemize deductions on Form 1040 Schedule A will need to wait until mid- to late February to file as well.
The start of the 2011 filing season will begin in January for the majority of taxpayers. However, last week's changes in the law mean that the IRS will need to reprogram its processing systems for three provisions that were extended in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17.
People claiming any of these three items involving the state and local sales tax deduction, higher education tuition, and fees deduction for 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.
Taxpayers will need to wait to file if they are within any of the following three categories:
Steve Mangan | 12/24/2010