Tax season is here and you are getting your information together to file your taxes. However, some of you may have a delay in filing your 2010 U.S. Individual Income Tax Return. Some taxpayers will have to wait until February 14, 2011 to file their tax returns. This is due to the late legislation and changes made in December 2010. Those affected by this change are taxpayers who claim itemized deductions on Schedule A of the tax return. This would include real estate taxes, charitable contributions, home mortgage interest as well as medical expenses. Other taxpayers affected are those claiming the higher education tuition deduction as well as those claiming the classroom expense deductions for teachers.
This does not mean that you have to wait until February 14th to get your information together. Remember the quicker you get your data in, the quicker it will get prepared….even if we have to wait on the IRS.