Itemize your tax deductions? Itching for a refund? You’re going to have to wait.
The IRS said that it needs until mid- to late-February to reprogram its processing systems because Congress acted so late this year cleaning up the tax code. The bill, which includes deductions for state and local sales taxes, college tuition and teacher expenses, wasn’t signed into law until Dec. 17.
The bill ensured that the federal income tax rates would not change, and itemized deductions will continue to be allowed in full for high-income taxpayers.
As a result, the 50 million taxpayers who itemize their deductions will have to hold off for a bit before they file. Of course, not everyone files early: only about 9 million of the 140 million U.S. tax filers filed in January or February of last year.
“The majority of taxpayers will be able to fill out their tax returns and file them as they normally do,” said IRS Commissioner Doug Shulman in a statement. “The IRS will work through the holidays and into the New Year to get our systems reprogrammed and ensure taxpayers have a smooth tax season.”
Read Full Story
Article courtesy CNN Money
Mediocre White Man Charlie Kirk Suggests He Loves Segregation, Dislikes MLK In Jason Whitlock Interview
2024 Urban One Honors Celebrates the BEST IN BLACK! ✨
Report: Minor Earthquake In Northeast Ohio
Black Music Month Co-Founder Dyana Williams Remembers The Creation Of The National Commemoration
‘Nobody F**ks With Her!’ D.L. Hughley Responds To Mo’Nique Over ‘Club Shay Shay’ Remarks
Black Ministers Refuse To Endorse Trump EXCEPT For This Cleveland Pastor…. [VIDEO]
Northeast Ohio Pastor Honored In Oakwood Village
7 Celebrity Aquarius We’re Obsessed With