It’s that time of the year again! People need to start thinking about their taxes.
Wednesday, January 30th marks the beginning of tax season for 2013. The IRS had originally planned for tax season to begin on January 22nd, but the fiscal cliff debate pushed the start date back.
Everyone needs to start organizing and preparing to file their taxes. Generally, you can expect your refund three weeks after the IRS receives your return. Last year, over 110 million taxpaying citizens received an average refund of $2,803 each.
However, there are certain taxpayers who will need to wait to file. Those taxpayers who are claiming either the Lifetime Learning Credit or the American Opportunity Tax
Credit, two well liked education credits, will have to wait until mid-February to file their returns, a delay that could affect approximately three million people.
Other filers who may need to wait to file their returns include those who claim general business credits and residential energy credits. These filers may have to wait until late February or March for their returns to be processed. The full list of Forms can be viewed on the IRS website.
Lastly, if you have been an unfortunate victim of identity theft you may also have to wait for your refund. The IRS has had recent troubles involving identity theft and tax fraud issues. The victims of these crimes may have an 180 day delay according to the Taxpayer Advocate Service.
In the upcoming months BusinessTaxPreparation.com will give you helpful tips to you prepare for the upcoming tax season. If you have tax questions or needs our tax preparation professionals are happy to discuss your tax questions free of charge. For more information about our services, visit us today at www.businesstaxpreparation.com. With over 16 years of tax preparation experience we look forward to the 2013 tax season.
For more information about our tax services visit us at www.businesstaxpreparation.com. Contact us by phone at 866.676.9417 to receive a free, no obligation consultation.