Expect delays when filing your tax return this year.
The IRS has announced that no one will be able to file their income tax returns until at least January 30, 2013. Those with more complicated tax returns may have to hold off even longer – possible even into March.
The delays are caused by the changes to tax laws made by Congress under the American Taxpayer Relief Act. The IRS needs additional time to process all of the changes into its computer systems and on its forms.
The IRS has a long list of forms that need to be updated. If you need to fill out one of these forms, you’ll probably have to wait a bit to file. Those impacted include families making a claim on adoption-related expenses, individuals seeking energy credits, or anyone claiming mortgage interest deductions (among others).
So while you’re waiting to file your tax return, now is a good time to get organized for tax season. Make an appointment with your tax preparer now (if you’re planning to use one) or look for deals on tax preparation software (which will be able to be updated before you file).
Gather up all the necessary documents you’ll need to complete your tax return and get them organized. The more prep work you can do in advance, the more smoothly the process will go. You’ll have more time to look for deductions and can avoid making costly mistakes.
Unfortunately, for those of you who may be counting on a big tax refund for Uncle Sam, a delay in filing means a delay in getting your money. This is why it’s a good idea to make sure you’re not withholding too much money from each paycheck. It’s better to have access to your money when you want it, rather than count on the government to enforce a savings plan for you.