Taxpayers can e-File immediately

Back in December, the IRS announced there would be a delay on accepting the 1040 tax forms.

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While originally scheduled for January 17^th, taxpayers were unsure when they could start the long process of completing their taxes. That all changed today when the IRS finally announced February 14^th as the day they started accepting all 1040 tax forms.

All those taxpayers biding their time were relieved they could finally get the task out of the way! On Monday, February 14^th, their systems started accepting and processing e-file and paper returns. This included all itemized deductions like higher education tuition and fees educator expenses. Also included were deductions for state and local sales tax.

Why the Delay?

Delays like this aren't the norm. However, the IRS explained that some tax returns would experience a delay in processing. This was due to an update on the processing systems to accommodate late tax law changes such as the Unemployment Insurance Reauthorization and Job Creation Act. Many of these tax laws were passed because of the strained economy over the past few years. They were also very recent. In fact, the Act listed above only became law on the December 17^th. This late enactment of the law caused the delay.

What Now?

Taxpayers are now free to file their taxes. The IRS urges those who haven’t already started their taxes to file online. This is otherwise known as e-filing. They say it prevents errors and is more dependable. Also, the IRS worked closely with tax software companies to minimize disruptions in filing. They hope the changes will result in a smooth and uneventful tax season. Consider e-filing as the changes and updates could benefit you in the long run. Keep in mind this is only for personal tax filing. The February 14^th start date does not include business tax forms, only the 1040 series. Those expecting to file business tax forms must wait for the IRS to announce the completion of an additional update for business taxes.

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