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IRS slows down early tax filers: Don’t rush to file this year

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in Small Business Tax,Small Business Tax Deduction Strategies

Are you one of those tax filing “early birds”? The IRS may have clipped your wings this year.

Alert: Don’t rush to file if you itemize deductions or you’re claiming one of three tax deductions reinstated by the new Tax Relief Act of 2010. The IRS says you should wait until at least mid-to-late February to file your 2010 return. (IRS Internal News Release IR-2010-126)

The reason: The IRS needs more time to reprogram its processing systems for three provisions that were extended by the Tax Relief Act signed on Dec. 17, 2010.

The three reinstated deductions are the state and local sales tax deduction, the higher-education tuition and fees deduction and the educator expenses deduction (see box below).

The IRS will announce a specific date when it can start processing tax returns impacted by the late-breaking tax act.

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