Early-birds hoping to get started as early as the third week of January when filing their tax returns will have to wait a week and a day before the earliest day to start filing. The Internal Revenue Service has released an updated schedule for this year’s tax season, and instead of January 22, the earliest day to file your tax returns electronically would be on January 30. The deadline, as always, will be mid-April – Monday, April 15, to be exact.
Unfortunately, not all individuals who would choose to file on January 30 may be able to do so completely, as some of the newly-revised forms will not be available on that date. Forms such as the Form 3800 General Business Credit, Form 5695 Residential Energy Credits and Form 8396 Mortgage Interest Credit will only be available in March. A complete list of tax forms is available on the website of the IRS.
The delay is a result of the so-called “fiscal cliff” crisis and a recently-passed tax bill that was approved at the start of the year, among other variables. In an official statement, IRS Commissioner Steven Miller said that the IRS worked hard to open tax season as soon as possible. This date ensures we have the time we need to update and test our processing systems.”
Unfortunately, H&R Block had also confirmed recently that the usual January tax refund will not be taking place as scheduled. However, H&R Block will be doing what it could to maximize tax refunds from previous returns, as taxpayers are now allowed up to three years to file updated tax returns. The company’s Free Second Look Review is another helpful tool, as individuals can use this to spot any oversights or errors from tax returns dating back to 2009. This service will be provided until the 30th of April.