Business & Tech
IRS Has Plans for Valentine's Day: File Your Taxes!
Due to new regulations, many will be getting their first chance to file tax returns on Monday, Feb. 14.
Income tax season was officially underway on Jan. 14. But for some, this year's Valentine's Day on Feb. 14 will be the first opportunity to file.
Anyone planning to file an itemized tax return, form schedule A or form 8917, cannot file until Valentine’s Day because the IRS needs extra time to update its system to account for new laws passed by Congress on Dec. 17.
The delay affects refunds for taxpayers claiming itemized deductions, which includes anyone with a mortgage, medical expense claim, real estate taxes, employee business expenses and tuition or education deductions.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
Even during the first week of income tax season, many commercial income tax agencies were not aware of the delay.
“If you are taking your tax return to somebody, take it to someone who is licensed,” said Alice Reid, president of Compassionate Tax Service. “Anyone can prepare taxes for hire now, but the IRS is changing rules for preparers to be licensed and [requiring them] to take a certification test with the IRS.”
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
To avoid the rush on the 14th, taxpayers can still have all forms filed by preparers or at home before the date and just have them mailed or submitted on Feb. 14.
But Reid is concerned people will not want to wait the two weeks.
“[People may] resort to refund anticipation loans and it’s not worth it,” she said. “In some cases they will end up paying 160 percent interest.”
Taxpayers e-filing on Valentine’s Day with direct deposit, should see a tax return in their account on or around Feb. 25.