New Tax Laws Delay Tax Returns

Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.

Why Are Tax Returns Being Delayed This Year?

According to the IRS, they are claiming that due to fine tuning the tax system this year our tax returns will be delayed by at least a week. For small business owners they are looking at waiting into late February and into March before they see their tax return come in.

As a small business owner I feel this isn’t right. When I was filling out my tax return this year, since I have depreciation and other business deductions, I am told that the IRS doesn’t have all of these ready in their system due to the average small business owner usually filing their taxes in late March or early April. Also stating that some businesses also file for an extension, so the depreciation and some business deductions aren’t ready because the IRS doesn’t expect Small Business owners to be ready to file returns.

I found this little quote on another site….

Update: Here are the updated delays from the IRS:

• Delays until January 30: The IRS has delayed the start of tax filing season for most taxpayers until January 30, 2013.The January 30 date includes people impacted by the AMT patch.
• Delays until February or March: Further delays will be for people filing residential energy credits, depreciation of property (form 4562) or general business credits. Those tax returns will be delayed until late February or into March. In addition, Form 8863 for Education Credits will also be delayed. Form 8863 includes the American Opportunity Credit and the Lifetime Learning Credit.

Whats The Big Deal?

I don’t really know much about taxes and how the government figures all that stuff out. It changes so much every year that you can never tell what will be next. Pretty much what makes me the most irritated is the fact that if your expected to pay in taxes, you better get it done right away or your in trouble right? But if your owed money….. They get it to you whenever they damn well please.

Anyway, I hope all of you get your taxes in a timely manner. I know I will be looking at sometime in spring getting ours back. Good luck on filing and hope it goes easy for you!

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