If you are chomping at the bit to e-file your taxes, you’ll be glad to know the IRS has just made an announcement:
E-Filers can start submitting tax returns on January 30, 2013
Why the Delay in the 2013 E-File Date?
For those who will submit a 2013 e-file tax return all systems are go that day, which falls only eight days after last year’s e-file date. The delay has to do with the Fiscal Cliff proceedings in Congress earlier this month. With so much to decide regarding expiration of all the tax cuts President Bush had put into law, Congress just couldn’t decide in a timely matter before the end of the last year.
Some E-Filers Will Have to Wait
But now that some tax cuts have been extended and some allowed to expire, at least the IRS knows the scoop. That means they can start reprogramming their systems to accommodate the changes. They plan to be ready January 30, your 2013 e-file date. Some forms won’t be ready yet, mainly those having to do with energy credits, but most taxpayers will be able to efile by January 30. The first day of efile for taxpayers claiming the energy credit will be sometime in February or maybe even in March.
The E-File Refund Cycle
The whole Fiscal Cliff only delayed e-filing by eight days, which is nothing short of a miracle according to some analysts. The delay could have been much longer. That would have disrupted the entire E-file refund cycle, resulting in taxpayer distress. Not least of those suffering would be taxpayers who want their IRS refunds quickly. In fact, the 2013 e-file date has been watched closely not only by experts and tax professionals, but also by your average taxpayer who wants a quick turnaround time on the whole E-File refund cycle. Even though it’s not wise financial sense to rely on your IRS refund so heavily, it’s a very common experience. Some taxpayers have bills to pay and the IRS refund is nice bump in the personal finances.