There’s no excuse not to file your taxes now

By Allison Linn, senior business writer

Procrastinators, you now have one less reason to put off filing your taxes.

The Internal Revenue Service stated Tuesday it can now accept tax returns for people who itemize their tax deductions.

The IRS had stated in late December that people who itemize their returns would have to hold off on filing until the government could update its systems to reflect last-minute tax law changes Congress passed in mid-December. The change was expected to be finished by mid-February.

The delay potentially affected tens of millions of taxpayers. That’s because it included anyone who uses a Schedule A to claim itemized deductions for things like mortgage interest, charitable donations and medical expenses.

People who claim certain education deductions or deduct say and local sales taxes also couldn’t file their taxes while the IRS updated its systems.

Still, those who are prone to waiting to the last minute can hold off a bit longer. The IRS also stated that it would extend its tax filing deadline to April 18 this year, because of holiday observed in Washington, D.C.

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Submited at Wednesday, February 16th, 2011 at 8:00 pm on Finance by jessica
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