Tax season is in full swing despite fiscal cliff

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For those banking on extra cash from tax returns to lighten the load this spring or fund a family trip this summer, tax professionals said the fiscal cliff that caused economic angst in December, won't effect the majority of tax payers this season.

Tax season starts eight days late this year because of changes Congress made to the American Tax payer relief Act, but refunds will still be processed in about 21 days. Reggie Wall at H&R block said the sooner you file the quicker you can that extra dough.

"Started a little bit slower than normal, but its really starting to build speed now and the only issues that are really out there that are affecting a majority of people are some forms aren't accepted right now," said Wall.

Education credits and Depreciation credit forms are delayed among a couple others.
(Mortgage Interest Credit Form 8396; Residential Form 8396; Residential Energy Credits From 5696; General Business Credit From 3800; Energy Efficient Home Credit From 8098)

While tax season started eight days late, the deadline is still April 15, and Wall said penalties will still start racking up if you miss the deadline.

About 80 percent of Americans will not be effected by the delay, but those who are waiting on those forms may not be able to complete their taxes until March.




 
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