Standard Deduction for a Home Office

The IRS has a Valentine’s Day present for taxpayers claiming an education credit. It will begin to process 2012 individual income tax returns with an American opportunity credit or a lifetime learning credit on February 14. Why the delay? The late passage of the American Taxpayer Relief Act of 2012 (on January 2, 2013) delayed the IRS’s efforts to program its computers to process returns. Most taxpayers have been able to submit returns as of January 30. Now returns claiming depreciation are acceptable (as of February 10) and education credits (as of February 14) can be filed.

Of course, taxpayers with such write-offs will have refunds delayed to the extent that the date for filing has been delayed. The fastest way to receive a refund: File electronically and use direct deposit.