Tax Time!
It’s that time of the year again! People need to start thinking about their taxes.
Wednesday, January 30th marks the beginning of tax season for 2013. The IRS had originally planned for tax season to begin on January 22nd, but the fiscal cliff debate pushed the start date back.
Everyone needs to start organizing and preparing to file their taxes. Generally you can expect your refund three weeks after the IRS receives your return. Last year, over 110 million taxpaying citizens received an average refund of $2,803 each.
However, there are certain taxpayers who will need to wait to file. Those taxpayers that are claiming either Lifetime Learning Credit or the American Opportunity Tax Credit, two well liked education credits, will have to wait until mid-February to file their returns, a delay which could affect approximately three million people.
Other filers who may need to wait to file their returns include those who claim general business credits and residential energy credits. These filers may have to wait until late February or March for their returns to be processed. The full list of Forms can be viewed on the IRS website.
Lastly, if you have been an unfortunate victim of identity theft, you may also have to wait for your refund. The IRS has had recent troubles involving identity theft and tax fraud. The victims of these crimes many have 180 day delays according to the Taxpayer Advocate Service.
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