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Preparing for Taxes

You May Get to Wait to File

Due to the Tax Relief Act that was passed in December, the IRS has to create new forms and make programming changes to its tax return system. As a result, approximately 50 million Americans will not be able to file their taxes until sometime in late February. In fact, the IRS may be forced to extend the final filing date to May, rather than the traditional April 15 due date for federal income tax returns.

Check with your accountant or tax preparer for more details, but generally speaking if you itemize your deductions using Schedule A, you will have to wait to file.

If you want to get your return as soon as possible, especially since there will be a delay, make sure you file electronically and have your return deposited directly to your bank account – that’s the fastest way to get your tax return in your hands.