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Some tax filing can start on Wednesday


KINGMAN - The tax law changes Congress approved and President Barack Obama enacted at the 11th hour on Jan. 2 means most Americans can't file their returns until Wednesday, and some will have to wait even longer.

According to the IRS, filing before Wednesday provides no advantages, but filing electronically rather than through the U.S. mail will ensure refunds will be sent out much faster.

The American Taxpayer Relief Act passed earlier this month - action that allowed the nation to avoid the so-called fiscal cliff - contains major changes to tax law that will have a significant impact on 2012 returns.

The IRS was compelled to update forms and instructions, which resulted in the delay, according to a statement from the IRS.

While the vast majority of Americans can file on Wednesday, the IRS said those who file more complex reports would have to wait until late February or early March.

This group includes people claiming residential energy credits, depreciation of property or general business credits.

"We have worked hard to open tax season as soon as possible," IRS Acting Commissioner Steven T. Miller said in a statement. "This date ensures we have the time we need to update and test our processing systems."




 

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