Late Tax Breaks Delay Processing
Tax law changes were enacted by Congress and signed by President Obama in December. Therefore, some people have to wait until mid- to late February to file their tax returns, including…
• Taxpayers Claiming Itemized Deductions on Schedule A. Itemized deductions include mortgage interest, charitable deductions, medical and dental expenses as well as state and local taxes.
• Taxpayers Claiming the Higher Education Tuition and Fees Deduction. This deduction for parents and students covers up to $4,000 of tuition and fees paid to a post-secondary institution.
• Taxpayers Claiming the Educator Expense Deduction. This deduction is for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250.
The IRS urges taxpayers to use e-file to minimize confusion and ensure accurate tax returns.
The IRS will announce a specific date in the near future when it can start processing tax returns impacted by the recent tax law. Check back here for updates.
