by Phil Cannella
For anyone who was wondering when they can file their taxes this year, wonder no more. Tax season has been postponed slightly, due the battle over the fiscal cliff early in 2013.
Since the IRS needed to time update their tax laws, they will not be accepting returns until January 30th this year. This applies to anyone filing a 1040 EZ form; others may have to wait longer. So if you’re one of those diligent folks who gets right to work on your taxes at midnight on January 1st, you may need to slow down a bit.
And more bad news for diligent tax filers: Some people will have to wait even longer. If you plan on taking certain tax credits, you will have to wait until late February or possible even early March. These credits include residential energy credits, depreciation of property, and general business credits.
The reason for this delay is that certain credits require testing of new computer systems at the IRS, and they simply won’t be ready for the January 30th deadline.
For more information about the start of tax season this year, you can follow this link to the IRS website and read all about it:
As usual, Phil Cannella will be staying on top of the latest information from the IRS that can affect your taxes and retirement plans. Be sure to check back on the blog often to make sure you have the most up to date information.