The Tax Relief Act made some taxpayers happy and some tax payers not so happy. Many taxpayers will be affected for a different reason. The changes in the tax laws need updating by the IRS. What changes and who will it affect? For those of you that file as soon as you get W2’s for rapid refund (Trade Marked by H&R Block) or refund anticipation loan (RAL). If you are not itemizing then you will not be affected. For those of us that are homeowners and business owners alike that do itemize. (File a 1040, schedule A and Schedule C specifically). What? If you are writing off your interest on your home loan, have a huge amount of medical bills, uniform cost, writing off taxes paid, homeowners & have a profit or loss in your business. (Sole proprietor or single owned LLC). You will have to wait from mid February to 1 March before you will be able to file your taxes. If you prepare your own taxes on retail soft ware, you will be able to input the information you just will not be able to print until the time stated. Please pass this information to everyone you know. The link to the IRS website with a more detailed information is hyper linked below.
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