You May Not Be Able to File Your Return Early

There were a lot of last minute tax breaks that were recently enacted. This is good news for many taxpayers, but since the changes were very last minute, the IRS needs to update its computer systems to be able to process the returns. This means that you may not be able to file your return until the middle of February.

Who will be affected? If you itemize your deductions, which include expenses such as home mortgage interest and property taxes. Also, taxpayers claiming the Higher Education and Fees Deduction, and teachers who claim the Educator Expense Deduction.

Although the IRS cannot process your returns, whether or not you e-file or file a paper return, you can still prepare your return and wait to file. The IRS will announce when they have their computers up and running.