The 2012 tax filing season is set to commence as of midnight tonight, at least for most taxpayers.
Congress approved the American Taxpayer Relief Act of 2012 on Jan.1 and it directly impacts this year’s filing season. The good news is more than 120 million households will be able to begin filing their returns starting Jan. 30 – only eight days later than the IRS originally planned to begin the filing season.
Beginning midnight tonight, the IRS will electronically accept tax returns. Individuals who already prepared and filed their return via an online provider will have their returns submitted tomorrow to the IRS.
The Taxpayer Relief Act patched the Alternative Minimum Tax, thus avoiding a significant hit for millions of Americans. Three major extender provisions were also included in the legislation for those claiming deductions for state and local sales, higher education tuition and fees and educator expenses.
The IRS has prepped their online tools and made them available in light of the changes.
The Alternative Minimum Tax Assistant, the Sales Tax Deduction Calculator and the Interactive Tax Assistant are now updated and available on IRS.gov.
The IRS continues to transition their systems for some tax filers. As announced by the IRS on Jan. 28, individuals claiming education credits will need to wait until mid-February.
Taxpayers claiming depreciation deductions, energy credits and certain business credits will need to wait until late February or possibly early March to file. A full list of the affected forms is available on IRS.gov.
When the impacted 2012 tax forms, instructions and publications are finalized, they will be published under ‘Forms and Publications’ on IRS.gov.
The IRS continues to push electronic options as the best and quickest way to file an accurate tax return. Using e-file with direct deposit is the fastest way to get a refund. The IRS expects to issue refunds within normal timeframes, despite the last minute tax law changes.
Last year the IRS issued most refunds within 21 days and expects to do the same in 2013.
Use the Where’s My Refund? tool on IRS.gov for personalized information. After Jan. 30, check the status of a return within 24 hours after the IRS receives the e-filed tax return. For those who mail a paper return, refund information will be available on the tool within four weeks. Updates to refund status are made once a day only.
For the latest information about the Jan. 30 tax season opening, tax law changes and tax refunds, visit IRS.gov.
A guide to your 2012 tax documents
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