Due to the late passage of tax relief in Congress during December of 2010, the IRS is recommending that taxpayers wait to file if they fall into certain categories. If you are affected, you may not file your taxes until mid to late February. That means your refund from the IRS will be delayed. The exact date in February will be announced later by the IRS. The affected categories are:
- Taxpayers who are itemizing deductions on Schedule A. Some of the most common deductions include mortgage interest, charitable contribution, medical expenses, state taxes, property taxes, etc.
- Taxpayers who are claiming the Higher Tuition and Fees Deduction. Keep in mind that those who are cliaming other education credits such as the American Opportunity Tax Credit and Lifetime Learning Credit are not affected.
- Those who are claiming the Educator Expense Deduction which allows K-12 teachers to deduct classroom expenses up to $250.
Because of this, teachers who are planning to claim the educator expense deduction may choose to skip it in order to get their tax refund faster.
E-file of taxes returns this year for those who are affected is highly recommended specifically more 2011 IRS tax changes could occur anytime between now and the date the IRS opens tax filing for those affected.
So in short, do not file your tax return with the IRS in order to get a refund until the IRS gives the go-ahead if you are itemizing, claim the Higher Tuition and Feed Deduction, or the Educator Expense Deduction. The date to begin filing will probably be in mid to late February of 2011, which is still plenty of time before the April deadline.
Deadline to File the IRS Tax Return is April 18, 2011
As a reminder, the final filing deadline is April 18th, 2011 (Monday) because the District of Columbia will be observing Emancipation Day on the 15th. Any holidays observed by DC will affect federal tax deadlines in the same way as federal holidays.