IRS delays accepting tax returns
Tax day procrastinators are getting a break this year. The IRS announced it will delay accepting 2012 tax returns, but experts say that still doesn't mean it's a good idea to delay getting your taxes in order. YNN's Chad Mira reports.
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UNITED STATES -- A lot of people file their taxes in January, looking for a quick refund.
"They really count on that money immediately. They maybe over-extended a little bit for Christmas because they know they're going to get that refund. Some even have issues with paying their rent,” area manager for Jackson Hewitt Patrick Laughrey said.
But in 2013, people have to wait an extra eight days to even file for a return. The IRS delayed updating its forms because of fiscal cliff discussions. Tax experts said that does not mean people should wait until the new date, January 30th, to get prepared.
"We can go ahead and create their tax returns and then when they get their W2, they can either e-mail them to us or come by and drop it off and within five to 10 minutes we can have that tax return finalized. So it'll be one of the first ones processed by the IRS," Jackson Hewitt store supervisor Donald Oliver said.
"Get it in the pipeline. We can actually do the tax return off of the pay stub. We just can't file it," Laughrey added.
And the fiscal cliff could still be affecting people's tax returns for 2014.
"The social security tax did go back up again, so they're going to be getting less back because more taxes are going to be taken out. They might be able to adjust that a little bit if they want by lowering the amount that they're claiming during the year," Laughrey said.
Experts said if you are going to adjust your withholdings, now is the time to do it. They are urging taxpayers to prepare now; not just for this year's filing, but next year too.
Despite the delay, there will not be an extension to the April 15 tax deadline.