It's January, and that means it is time to start preparing for tax season. And for some of us, that means a big tax refund, while for others it can mean paying your tax bill. Either way, tax time can be stressfull.
Recently, the IRS announced that some taxpayers will have to wait until the middle to late February to file their returns.
The delay won't affect everyone, and the reason for it is that the IRS is having to reprogram their computer systems in order to comply with the new tax law changes that were passed on December 17th. And if you are in the affected group, you wouldn't be able to get your proper refund or amount owed.
The largest group that will be affected by this delay are people who itemize their deductions. This would mean people who claim mortgage interest, charitable contributions or who have business. For the people who opt to take the standard deduction, there shouldn't be a problem or a delay in having their returns processed.
For most of people, the standard deduction of $11,400 for a married couple and $5,700 for a single person works out better. And, since employers and other places that issue tax forms have until the end of January to get the forms to you, it may take until February to get your paperwork together to file.
If you are opting to itemize your deductions, be sure to check the IRS website before you file in order to avoid unnecessary delays.
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By Melissa Kennedy- Melissa is a 9 year blog veteran and a freelance writer, along with helping others find the job of their dreams, she enjoys computer geekery, raising a teenager, supporting her local library, writing about herself in the third person and working on her next novel.
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