The 2011 tax season officially opened for business yesterday, with a few kinks no less.
First, the good news: you now have 3 more days to prepare your return. Returns will now be due on April 18 instead of the usual due date of April 15.
The due date extension is apparently so there aren’t any confusions with Emancipation Day, which is observed on Friday, April 15. Those taxpayers who itemize deductions on Schedule A, claim the tuition and fees deduction, or claim the educator expense deduction will need to wait until mid-February before they can e-file their return. The IRS estimates that this should affect less than 7% of taxpayers.
Keep in mind that the return can still be prepared now, the IRS just won’t be prepared to except them for another month. Most paid preparers and some commercial software providers have said they will prepare the return now and wait until they receive notification from the IRS to e-file.