Getting Ready to File Your Taxes
With the Fiscal Cliff late decision and the changes that come with it, some may be worried about filing their taxes. Experts say there is only one big change this year.
The Internal Revenue Service will not be processing individual income tax returns until January 30. That fact means one thing for people.
"It means they can't file yet. They will have to wait a couple of weeks and it will delay getting their refund by a couple more weeks," CPA John Grace, Shareholder at Stanfield and O'Dell, "So, if they are expecting that tax refund by the end of January, that's not going to happen."
Grace says for 2012 most individual tax payers aren't going to see a lot of change. The change from the Fiscal Cliff vote will come in 2013. He also says there are some tax deductions that you need to pay attention to that many believed would expire.
"Teachers have a $250 deduction for school supplies they pay for out of pocket that had expired at the end of 2011 but that got extended," said Grace.
Some tax deductions for college students and families that were set to expire have been extended as well. You will need to watch for those when filling your return.
The biggest change this year is the fact that you will have to wait a couple extra weeks to start filling. Grace said even if you have more complicated returns and wait till February to file, you might see delays as well.