Itemized Deductions

IRS announces that “itemizers” will have to wait

 

From CNN money:

The IRS said that it needs until mid- to late-February to reprogram its processing systems because Congress acted so late this year cleaning up the tax code. The bill, which includes deductions for state and local sales taxes, college tuition and teacher expenses, wasn’t signed into law until Dec. 17.

As a result, the 50 million taxpayers who itemize their deductions will have to hold off for a bit before they file. Of course, not everyone files early: only about 9 million of the 140 million U.S. tax filers filed in January or February of last year.

This means that if you itemize, you will not be able to file your tax return with the IRS until mid to late February. It does not mean that you cannot begin the process of having your return prepared, you just won’t be able to finalize it and submit it to the IRS until the IRS gives the okay. 

 

Schanel & Associates, PA, Certified Public Accountants, located in Jupiter, FL, provides tax, accounting, and consulting services to clients throughout Palm Beach County, South Florida and the United States.

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