This year’s season has several notable wrinkles. Because Congress waited till the last minute to make important changes to 2010 taxes, the Internal Revenue Service is telling some taxpayers to delay filing while it updates its computers.
Who’s affected? The biggest group includes all taxpayers who itemize deductions on Schedule A instead of taking the standard deduction, which for 2010 is $11,400 for married couples and $5,700 for single filers. Itemizers give the IRS a detailed list of their deductions for such items as mortgage interest, charitable donations, and state and local taxes, in order to qualify for greater tax benefits from these write-offs.
Others affected by the delay include teachers who claim the $250 Educator Expense Deduction and those taking the Higher Education Tuition and Fees Deduction on Form 8917 (see Tom Herman’s Ask Dow Jones column). But taxpayers using other education benefits — such as the American Opportunity Tax Credit — aren’t affected.
Read more here: Taxes—April 18 (Yes, that’s Right) Is Coming Up