January 22, 2011

2010 Income Tax Return filing – February 14 the start of processing delayed returns

According to the Internal Revenue Service that starts of processing delayed returns like itemized deductions, home mortgage interest, donation on charity, as well as state and local taxes will be on February 14.

This is not the only affected items on tax returns, it also bring impact to all tax filers who are claiming college tuition fee deductions and for teacher’s other expenses that is not covered by the school. In addition the IRS said about 9 million households filed tax returns who want to claim itemized or affected deductions before February 14 last year.

Last Dec. 23 the IRS makes an announcement to all taxpayers who are looking for itemized deductions that they have need to wait middle to late February before filing their 2010 tax returns. It’s because the IRS needs to modify their computers for some changes in tax laws.

The extension of Bush-era tax cuts for two years, through 2012 was extended last Dec. 17 it also holding an $858 billion package where the Congress passed and President Barack Obama signed into that law. This law will measure series of provisions that might affect tax filers in 2010, including taxpayer’s sales tax deductions but no income tax and also the college tuition and expenses break for educators.

This late enactment delay’s the agency to update their computers for processing system and early acceptance of returns. Several households are not affected by this delay, the IRS said.

The usual deadline for filing a return is on April 15 since it was affected by a legal holiday called Emancipation Day in District of Columbia it was moved to April 18 in 2011.

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