Start of the Tax Filing Season

The IRS announced that it will begin to process 2012 income tax returns on January 30, 2013. Why not January 1? Numerous tax breaks had expired at the end of 2011, so the IRS could not properly prepare returns and schedules and program its computers until the fate of these breaks was known. On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012, which extends for 2012 many of the expired provisions.

The January 30 date applies for most filers. However, certain taxpayers (mostly those with businesses claiming depreciation for business and the general business credit) may have a later filing start. The IRS is working to ready its forms and computer programs, but may not meet the January 30 date.

Note:There is no advantage to filing prior to the January 30 date. It will not speed up refunds. The IRS notes that it’s preferable to wait so that you can file electronically; this will ensure that you receive your refund in the shortest amount of time.

Source:  IR-2013-2