NORTHAMPTON, Mass. (WWLP) - If you own property, a business, or are the parent or a college student, chances are that you won't be filing your taxes starting January 30.
On Tuesday, the IRS announced it plans to open the 2013 filing season by that date. The federal agency says that 120 million taxpayers will be able to file, an estimated 80% of taxpayers. But Certified Public Accountant Dan Polachek says the late legislation calls for extensive changes to a number of forms; changes we won't see finalized until late February.
"When you look at the depreciation, you look at the credits, you look at the additional forms that they are going to have to clear and get written, and then get to software vendors to get those so they match with the IRS, it's going to be a lot later than that," Polachek said.
Polachek says these changes will also affect college students applying for federal aid. He says taking a look at last year's return and organizing the needed paperwork can help speed up the process.