Facebook (FB) climbs to new highs on Q2 beat >>> READ MORE

Ready, Set, Go! IRS Begins Accepting Tax Returns Today

However, only basic tax returns are being accepted so far


uncle sam taxesToday’s the day the Internal Revenue Service begins accepting basic tax returns electronically.

The date to begin filing returns was delayed eight days because of the changes to tax laws caused by the fiscal cliff debate. Congressional action to set tax rates and other issues was resolved on Jan. 2. That caused the IRS to have to rework its systems to deal with the changes Congress enacted.

Electronic filing for basic returns was used by more than 120 million households last year, The Seattle Times reports. Households with more complicated returns — such as those who itemize or claim other non-standard deductions — will be able to begin filing in late February or early March, as the IRS is still programming those forms into its system.

The IRS encourages taxpayers to file as early as possible. Doing so will speed up taxpayer’s returns as their tax forms will not be a part of the last-minute rush in April.

More stories about taxes:

Article printed from InvestorPlace Media, http://investorplace.com/2013/01/ready-set-go-irs-begins-accepting-tax-returns-today/.

©2017 InvestorPlace Media, LLC