For those Americans that are claiming education tax credits, you will not be able to file your tax return until mid-February. The Internal Revenue Service has issued IR-2013-10 announcing that Form 8863 will not be available until the middle of February
Form 8863 is used to claim both the American Opportunities Tax Credit and the Lifetime Learning Tax Credit. Both tax credits are taken by students of higher education institutions. Both credits are used to offset student’s taxable income dollar for dollar. A portion the American Opportunities Tax Credit is refundable. Yesterday was the first day that the Internal Revenue Service began accepting tax returns. The IRS estimates that a majority of taxpayers were able to begin filing yesterday.
The delay in tax season is due to the “fiscal cliff” debate from the end of last year. Some changes that were made affected 2012’s income tax returns. On January 8, 2013, with IR-2013-2 the IRS announced that it would have to delay the start of filing season because it had to have time to prepare and release tax forms for 2012.
Form 8917, Tuition Fees and Deductions, is not affected by the delay, and is available to be filed as of yesterday.
For more information visit www.smalleynco.com
If you have any questions you can email Craig W. Smalley E.A.
Author of the books: It Starts With an Idea – Tax Tips for Small Businesses available on Nook and Kindle, The Ultimate Real Estate Investor Tax Guide, available on Nook and Kindle, The Complete Guide to the New Tax Law – American Taxpayer Relief Act of 2012 available on Nook and Kindle, Everything You Wanted to Know about the IRS – Audits, Appeals and Collections available on Nook and Kindle, Tax Avoidance is Legal! The Complete Guide to Individual Income Tax available on Nook and Kindle, The Complete Guide to the Affordable Care Act’s Tax Provisions available on Nook and Kindle, and The Complete Guide to Retirement Plans for Small Businesses available on Nook and Kindle