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US Tax filing season delayed to Jan 30 -- or March!

taxes US Fiscal Cliff 2013

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#1 Orpheus


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Posted 08 January 2013 - 05:27 PM

Hold Your Horses. Tax Season Will Kick Off Late This Year

It's a complication of Fiscal Cliff brinksmanship. They need to print new forms for the last second changes. (I always wonder how much that costs)

The basic forms won't be available until Jan 30 (estimated) and those of us who have to file forms like like Form 5695 (residential energy credits), Form 4562 (depreciation and amortization) and Form 3800 (general business credit) may have to wait until MARCH!

Taxes are still due on April 15, though.

I like getting my taxes out of the way early. I like the sense of completion to the old year, and it's a lot easier for me to get a big project finished if I do it very early. My father ALWAYS wasted that final deadline week on harried procrastination and half-done work before finally succumbing to the inevitable and filing for an extension. Then he'd go through  it all again in August. By August, I can barely *remember* January of the year before; I can't believe anyone would do that to themselves decade after decade -- especially not with *his* so-called filing system -- more than half a year after my early bird paperwork is gone.

#2 Themis

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Posted 08 January 2013 - 07:42 PM

Accountants with clients whose taxes really are complicated should stock up on 5-hr. Energy and such - I foresee a lot of sleepless nights to squeeze everybody in on time.  Wonder how many clients will have to pay extra for the privilege?

I've heard the sales tax deduction is something that came late - that's the only thing that might affect me.   Since TN has no state income tax and I have no investments any more (well, my savings account earned one cent!), usually I qualify for free TurboTax and my mortgage, medical and maybe Goodwill deductions aren't affected.  

I've noticed the H&R Block ads totally ignoring this stuff.  One talks about a client that hasn't filed for 8 years, with no mention of penalties...???!  

Not a good year to be a tax accountant unless you plan to gouge clients!
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#3 Omega


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Posted 08 January 2013 - 08:02 PM

Yeah, the sales tax thing was a big save for me! That deduction saves me several hundred dollars.

#4 Tricia


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Posted 08 January 2013 - 09:09 PM

I can hold out until Jan 30 but I have to admit that I usually have at least estimated everything and am only waiting on the W-2s etc at that point...usually.

Going to have to go digging to figure out how this affects me and my own process.

I think that was a result of seeing my father wait until April 13 to start his taxes.  He never filed an extension but those couple of days every year were very stressful and dangerous around our house.

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#5 UoR11

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Posted 08 January 2013 - 11:35 PM

Making the accounting problem even worse, new IRS regulations have effectively squeezed out a lot of the smaller tax preps. Guys like my old middle school math teacher who'd pick up some extra money doing simple tax forms for the other teachers and the like are now locked out.
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#6 QueenTiye


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Posted 09 January 2013 - 12:27 AM



Een Draght Mackt Maght

#7 UoR11

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Posted 09 January 2013 - 04:07 AM

View PostQueenTiye, on 09 January 2013 - 12:27 AM, said:



Officially, to cut down on tax fraud. Really, because H&R Block, Jackson Hewitt, etc. have good lobbyists.
Yes, I am an economist. Yes, I do frequently sing "Can't Buy Me Love". No, I don't see any contradiction there.

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