Good news, it is the 30th and we can now efile tax returns. Yay! Bad news, not all of the forms are approved by the IRS yet. This will not affect most taxpayers but it will affect some. Those that it will affect are taxpayers claiming the depreciation expense and some of the more obscure credits. The depreciation forms should be ready late February or early March according to the IRS website. Also, taxpayers claiming the education credits will need to wait until mid February to file. So what does this mean for you? Well, you can still get your taxes done and have them ready to finalize once the forms are approved.
Good news, the IRS has stated that even though the official opening of tax season has been delayed because of the recent last minute changes, they do not foresee any delays in refunds once returns have begun being processed on the 30th. I also advise that the quickest way to get a refund is electronic filing and direct deposit.
Tax season is here. The IRS has delayed filing until January 30th but that doesn't mean you can't get started gathering all of the information and documents you will need. Be sure and call for an appointment when you are ready. For returning clients, remember you can drop off your info at any time and I will call with any questions I may have. Hope to see or hear from all of you soon.
Chris has been working in the industry for over a decade and has a passion for ensuring her clients have the best service in the area of taxation, accounting and bookkeeping.