Tax Season Opens Today! (** FOR SOME **)

30 January 2013 / Uncategorized / Comments Off on Tax Season Opens Today! (** FOR SOME **)

It's time to start thinking taxes!!

Today (Wednesday, January 30th, 2013) marks the beginning of tax season, when most Americans can e-file their returns with the IRS.  The IRS had originally planned to kick things off on January 22nd, but the fiscal cliff debate forced them to push the official start date back eight days.

Many Taxpayers must continue to wait!

Tax returns claiming the American Opportunity Tax Credit or the Lifetime Learning Credit, two popular education credits, won't be processed until mid-February.  This means the roughly three million people who typically file returns claiming these credits before mid-February will likely have to wait longer for refunds this year.

Other filers with more complex returns will need to wait until late February or March for their returns to be processed. The full list of forms that will delay the filing of your return are shown below with the most common forms shown in bold:

  • Form 8863 Education Credits
  • Form 3800 General Business Credit
  • Form 4136 Credit for Federal Tax Paid on Fuels
  • Form 4562 Depreciation and Amortization (Including Information on Listed Property)
  • Form 5074 Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands
  • Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations
  • Form 5695 Residential Energy Credits
  • Form 5735 American Samoa Economic Development Credits
  • Form 5884 Work Opportunity Credit
  • Form 6478 Credit for Alcohol Used as Fuel
  • Form 6765 Credit for Increasing Research Activities
  • Form 8396 Mortgage Interest Credit
  • Form 8582 Passive Activity Loss Limitations
  • Form 8820 Orphan Drug Credit
  • Form 8834 Qualified Plug-in Electric and Electric Vehicle Credit
  • Form 8839 Qualified Adoption Expenses
  • Form 8844 Empowerment Zone and Renewal Community Employment Credit
  • Form 8845 Indian Employment Credit
  • Form 8859 District of Columbia First-Time Homebuyer Credit
  • Form 8864 Biodiesel and Renewable Diesel Fuels Credit
  • Form 8874 New Markets Credits
  • Form 8900 Qualified Railroad Track Maintenance Credit
  • Form 8903 Domestic Production Activities Deduction
  • Form 8908 Energy Efficient Home Credit
  • Form 8909 Energy Efficient Appliance Credit
  • Form 8910 Alternative Motor Vehicle Credit
  • Form 8911 Alternative Fuel Vehicle Refueling Property Credit
  • Form 8912 Credit to Holders of Tax Credit Bonds
  • Form 8923 Mine Rescue Team Training Credit
  • Form 8932 Credit for Employer Differential Wage Payments
  • Form 8936 Qualified Plug-in Electric Drive Motor Vehicle Credit

If you're a victim of identity theft, you may also have to wait. The IRS has been struggling to keep up with surging tax fraud, and identity theft victims often experienced delays of at least 180 days last tax season, according to the Taxpayer Advocate Service.

Absent of all that…you can generally expect to receive a refund within three weeks after the IRS receives your return.

We here at Widget are here to help you during this “taxing” time.  If we can be of service to you, please give us a call!

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