Millions of Taxpayers Will Have to Wait to File This Year

internal revenue serviceAt the end of 2010 lawmakers extended tax cuts made available under the Bush Administration (Bush Tax Cut). Due to this last minute update, those who itemize their deductions on Form Schedule A must wait until the IRS updates its systems. It may be well into February before the updates are finalized.

Additionally, educators who paid out-of-pocket for school-related items, as well as, anyone who paid for post-secondary education, that means college-related expenses, will also have to wait to file their tax returns.

The upshot is that it may mean more money back from the government for individuals in the above-listed categories.

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