Following the passage of a large tax package by congress on January 1st; there has been a delay to the start of filing season.
Tax laws are typically passed last in the year, so the Internal Revenue Service was prepared for the potential changes and impending delays. The IRS usually allows for tax returns to be filed the day after Martin Luther King Day, however, this year's start date for most is on January 30th but not everyone can file Wednesday.
Jennifer Jenkins, Ohio's IRS Spokesperson explained, "but the folks who will have to wait a little bit further than January 30th, are going to be folks claiming things like depreciation credit, residential energy credit, passing of activity losses, so those are generally folks who would normally be filing toward the tail of the filing season anyway. "
If you are in the population of those who have to wait even longer, Jenkins suggests continuing to check their website for updates and information and she assumes it will be ready by late February or early March. Jenkins also believes the recent legislation is a positive change for a persons financial planning.
"Some of the changes that were passed fairly recently, actually made some credits and deductions permanent. So we don't have to wonder from one year to the next, a tax professional, a financial adviser doesn't have to wonder or not now what to tell their client from one year to the next. Whether that credit is going to be around. So it kind of helps people make the best financial moves, it enables them to plan a little bit ahead "
Other credits that were continued were the American Opportunity and Educators Credit. If you are unsure of what credits or deductions you may qualify for, a tax professional can help determine it for you. The filing deadline is April 15th.