Taxpayers were able to start electronic filing their 2010 taxes with the Internal Revenue Service on Friday (1/14). I.R.S. spokesperson, Diane Fox, says some filers may have to wait while the agency catches up to the new tax law. Fox says most people are not affected, but some may have to wait until February because of the late tax legislation.
Those impacted by the delay would itemize deductions on schedule, claim the higher education fee deduction, or take the educator’s classroom expense deduction. Fox says the I.R.S. has sent out information to tax preparers to let them know of the delay. She says many tax preparers and software providers will let you prepare the returns and then hold them until they can be processed in mid-February.
If you prepare your own taxes, you can check the I.R.S. website for information on the delay, and if you use a professional, check with them. Fox says ask your preparer about how they will handle the delay if there is one so you understand how it will work. While we’re only a couple weeks into the new year, Fox says many people do file their taxes this early.
Fox says people who are getting a refund usually file their taxes early and the overall filings usually peak in February.
You can find out more about filing your taxes on the I.R.S. website at:www.irs.gov.