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Some people will have to wait to file taxes this year, but everyone is getting an extra weekend to complete the task before the deadline.
A minority of people won’t be able to file their taxes until Feb. 14 because of Congress’ late decision on tax legislation, which has pushed back the computer updates the Internal Revenue System needs to handle some tax filings.
However, this year’s tax deadline is April 18, not April 15, because of Emancipation Day, a holiday recognized in Washington, D.C., that falls on April 15.
People who are using itemized deductions, and taxpayers asking for college tuition and fee deductions have to wait to file until Feb. 14. Others can file at any time.
However, the delay is causing confusion, said Jerry Morphis, owner of Accutax in Elizabethtown. Morphis said a lot of people don’t think anyone can file right now.
Lori Lovelace, of Lovelace Tax Service in Elizabethtown, said she is seeing the same thing at her business. Some people think they can’t file now, while others make the attempt but have to wait until mid-month.
“We hear that a lot,” Lovelace said.
Morphis encourages people to call their tax preparer to learn what guidelines they need to follow.
Morphis said a new change applied to how refund anticipation loans are granted has affected his clientele. The IRS has stopped giving banks, which distribute loans before the IRS can send a refund, debt indicators to inform the banks about people who have been negligent in payments toward other loans. Without this information, banks have become more hesitant to make loans.
Loans come with a fee, high interest rates and are to be paid back like any other loan, which leads some consumer agencies to look unfavorably on them. Morphis said many clients find them helpful to get a jumpstart on their finances.
“I know this has hurt a lot of families here in Kentucky,” he said.
Lovelace said she hasn’t had many issues with loans so far this year.
There aren’t many new credits this year, but many from last year have extended to this year, Morphis said.
Kelly Cantrall can be reached at (270) 505-1747 or email@example.com.