May not wanna be in a rush to file your tax returns

[rainbow4321]

My sister who prepares taxes told me about this today, then I ran across this online. She says even tax preparers don't have a definite date on when this will all kick in.
They have been told to expect a lot of late filers this year.

http://money.cnn.com/2010/12/31/pf/taxes/irs_filing_delay/index.htm?hpt=T2


Itemize your tax deductions? Itching for a refund? You're going to have to wait.

The IRS said that it needs until mid- to late-February to reprogram its processing systems because Congress acted so late this year cleaning up the tax code. The bill, which includes deductions for state and local sales taxes, college tuition and teacher expenses, wasn't signed into law until Dec. 17.

The bill ensured that the federal income tax rates would not change, and itemized deductions will continue to be allowed in full for high-income taxpayers.

As a result, the 50 million taxpayers who itemize their deductions will have to hold off for a bit before they file. Of course, not everyone files early: only about 9 million of the 140 million U.S. tax filers filed in January or February of last year.

[Davis_X_Machina]

1. I file the first week in February, religiously...

...just in time to get current with the heating-oil dealer and the power company.

This could get, if not exactly ugly, at least less-than-gorgeous.

[DesertFlower]

2. i usually don't file till march.

we itemize and it takes me a long time to go through our paperwork to see what we spent on medical, contributions, etc.

we always seem to owe the feds so i'm not in any hurry. we do get a refund from the state.

[Statistical]

4. You can file early and then not pay until April 15th.

It is what I usually do. We have ended up owing last 9 of 10 years.

I usually file in late January (guess it will be delayed this year). That way it gets accepted and I have confidence in the results (IRS does a quick check for accuracy before sending confirmation code).

Then as long as you pay in full by April 15th you are good to go. Nice thing about that is you can file both, get refund from state and use that to pay the federal (as long as you pay by 04/15).

[DesertFlower]

7. i've done that. gotten my refund

from the state, then paid the feds.

like i said it takes me quite a while to get all the paperwork together. we never have enough medical and dental to meet the 7.5% for federal, but arizona allows you to deduct all of it.

we also have a long term care policy on hubby and that's deductible on both federal and state.

i have H&R Block do our taxes. been using the same guy for years.

[PBS Poll-435]

8. Just make sure you don't get stuck in the ES trap

Not fun to pay the extra interest and penalties associated with not making quarterly tax payments.

[Ruby the Liberal]

3. Ugh. Up until last year, I had to wait on a K-1

because I was in an S-Corp. I was lucky if I got my paperwork by the beginning of April, and this was a mere $3k investment.

This was to be the first year in ~10 years that I could itemize and file without waiting on company accountants to calculate the K-1.

[Skink]

5. I trurbotax em a nano second after I get my w2.

[sendero]

6. Good thing..

... I don't itemize :)

[hobbit709]

9. My rules are simple

If I get money back, I file as soon as possible.
If I owe them, I file at 11PM on April 15.

[TBF]

10. Many high earners extend anyway - shouldn't be much of an issue. nt

[Liberal_in_LA]

11. thanks for the heads up. I get a refund this year. sucks to wait

[dkf]

12. And how many wanted to wait even longer to supposedly bargain a better position?

At least the payroll won't be all mucked up over retroactive changes in the tax rates. How do they calculate that anyway?

[Lucian]

13. I always file late January or early February.

Damn. Now I'll have to wait.