The Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns for the 2012 tax year on Jan. 30. The announcement means that the vast majority of tax filers, more than 120 million households, should be able to start filing tax returns starting then. The remaining households, those who file more complex tax returns, will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes. This group includes:
- people claiming residential energy credits
- depreciation of property
- general business credits.
If you are thinking of filing a paper tax return before Jan 30…don’t. The IRS will not process paper tax returns before the Jan. 30 opening date…. there is no advantage to filing on paper before the opening date. And, the best option is to file electronically and receive your tax refunds with direct deposit….it’s much faster than snail mail.