January 10, 2011 by USA Post
Fifty million Americans who pay their taxes could be affected.
“One in three taxpayers fall into this category. It’s important,” Neville said Stein, Stein’s accounts.
After a week of vacation recently, Stein was back at work and up to his neck in paperwork, reading on late itemized deductions.
“It does not seem a huge deal, but it affects, in general, people who itemize and want to file early. The concern,” said Stein.
Here’s a look at these deductions:
The first is the deduction for state and local taxes.
“This has been introduced some years ago for people who pay no income tax state, but they can request sales tax,” said Stein.
The following deduction is allocated to tuition fees for higher education and costs. “This is not new, but for some reason in the last shuffle, he has touched and if you pretend that you want to wait,” he said.
Then there are expenses educator deductions. “That’s $ 250 for any edcuator claim for supplies, notebooks, pencils,” said Stein. Based on how much you get back on a refund, Stein says that some may choose to take this deduction if it will cause a delay.
Finally, anyone who files a Form 1040 Schedule A will be asked to wait.
“It’s when you make your charitable deductions, your interest in the home and that sort of thing,” said Stein.
It seems like an inconvenience size, but saidpeople Stein would be surprised how many taxpayers procrastinate, there were last year.
“Of the 140 million tax file, only 9 million were filed by the end of February. I find it odd,” he said.
Anyway, the IRS extended the filing date from April 15 to April 18. “I guess, three more days of waiting around to file your taxes,” said Stein.
Stein adds, the IRS should allow those affected, as well as tax preparers, to know when their system is the speed and filing can begin. “That’s 50 million people in this country. One-third of taxpayers,” he said.
Currently, the IRS says taxpayers who file detailed deductions of the wait can be up to the mid to late February. For a complete list of deductions and credits affected even affected, visit http://www.irs.gov/newsroom/article/0, id = 233,449.00. Html.
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