Jan
31

Ready! Aim! File!

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Picture of Form 1040 and Tax Man Maze

The sun rose as the starting gate dropped! Hard drives fired up all over this land! Bits and bytes were thrown into the ether, much like that dancing eye in The Twilight Zone opening credits. Millions of returns were filed today and I certainly hope the government servers were up to the deluge.

The IRS began accepting and processing federal income tax returns today. This was the first day that you could file your tax return electronically or by mail. Were you one of the many that sent your tax return into cyberspace?

Got your refund spent yet?

Because of the tax law changes Congress made in January, the IRS had to delay the beginning of the tax filing season.

When Congress passed the American Taxpayer Relief Act (ATRA) on January 1, many of the tax law changes were retroactive back to last year. Forms had to be updated and computer programming had to be changed and tested before any processing could begin.

Beginning today the first of an estimated 120 million households will file a personal tax return for the year 2012. 80% of these households will file electronically.

The IRS continues to tell taxpayers that filing electronically is their best option.

Not everyone can file today. The IRS didn’t get everything fixed in time. If you are claiming Residential Energy Credits, Depreciation, Education Credits, and General Business Credits, among others, your tax return won’t be accepted until late February and possibly into March.

Something tells me the IRS is going to offer the employees a whole lot of overtime this processing season.

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Categories : Form 1040, IRS, Taxes

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