If you're like most taxpayers who expect a refund from the IRS and look forward to the middle of January to file your income taxes you may be disappointed this year. Unfortunately the IRS has postponed the start of the tax filing season for 2012 taxes this year. According to News Net 5 on Wednesday Jan. 9 the tax filing season has been delayed an additional eight days until January 30, 2013.
The wait was caused by Congress' inability to avoid the Fiscal Cliff until New Years. The IRS now has to rush to ensure all rules and regulations are in place for the 2012 tax season which is why they have delayed the tax filing date.
However, even though the IRS is delaying the acceptance of income tax returns; tax preparation companies are advising individuals to still file earlier in January if you are expecting a refund.
“Most people should still continue to start tax preparation in January, particularly those who file early and need refunds,” says Bob Meighan, vice president of Intuit’s TurboTax. TurboTax opened for business for e-filers this season on Jan. 3.
Those who will have to wait to file their tax returns include anyone who claims the revised $500 energy-efficient home improvement tax credit(Form 5695), depreciation of property (Form 4562), or general business credits (Form 3800).
These forms are being updated to reflect new tax laws.
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