By now, you should be receiving your W-2s, 1099s, and other paperwork needed to complete your tax returns. I always start mine right away, because we usually get a refund, and I want that money as soon as possible! This year, however, there's a blip that means I won't get that money as soon as I did last year. From the IRS:
If your federal income tax return includes:
- itemized deductions–such as mortgage loan interest (Schedule A)
- higher education tuition and fees deduction (Form 8917)
- educator expenses deduction
then your return will be delayed because of the tax laws passed in December 2010. The IRS will begin processing your return on February 14th. If you're using a commercial tax preparer (like TurboTax or H&R Block Online), you can submit your return and it will be electronically submitted on that day. If you're using a human, you'll need to verify that you return is processed at that time.
Disclosure: I am not a financial advisor or CPA and am not offering advice as such. My tax posts are informational and contain links for reference and verification.
Image courtesy of Horia Varlan