Tax delays expected for some filers

Seal of the Internal Revenue Service

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Your tax documents should begin arriving in the next few weeks, but don’t expect to see a tax booklet from the IRS.  There won’t be one mailed out, as the government pushes you and your tax preparer to efile.  If you still need one, check your local post office, library, or IRS office.

If you’re an early bird and like to make your appointment toward the beginning of tax season so you can get an early return, you may have to wait this year. This tax season will be delayed for some people because of the tax cuts that came at the end of 2010.

The IRS says some tax groups won’t be able to file until mid to late February because the computer systems won’t be updated. This includes taxpayers who itemize deductions on Form 1040 Schedule A including mortgage interest, charitable deductions, medical and dental expenses as well as state and local taxes.

You’ll also need to wait if you claim the deductions for higher education tuition and fees on Form 8917.  This deduction helps parents and students and covers up to $4,000 of secondary education tuition and fees. However, if you claim other education credits including the American Opportunity Tax Credit and the Lifetime Learning Credit you won’t need to wait.

If you are a teacher taking a deduction of up to $250 for expenses you incur for your classroom, you’ll also have to wait as well.

The IRS is estimating it will be mid to late February before these groups can file, but it will announce a specific date in the future. If you have any questions, tax with your tax preparer.

Don’t forget you get extra time to file this year, but it has nothing to do with the tax delays. There is a little known holiday in Washington, D.C. that will push the deadline back to April 18th.

Stay tuned to this blog, as I’ll have money-saving sites that can help you prepare your return for less.  If you already have a favorite, I’d love to hear about it.