February 14th is the big day... and we're not talking about for lovers. The IRS has announced that Valentine's Day will be the first day the agency will accept all itemized tax returns. The agency needed more time to program its processing systems because Congress acted so late this year in cleaning up the tax code.
Millions of early filers may have to wait a little longer this year, but that doesn't mean you shouldn't get started on your taxes. First, keep certain dates in mind, as things are a little different this year.
- January 31st is the deadline for employers to distribute W-2 forms.
- Thanks to an April 15th holiday in the District of Columbia, this year's federal deadline is now April 18th.
- Gather forms you need yourself, keeping in mind that the IRS has stopped sending paper forms to you in the mail.
- And round-up documents like W-2s and other items related to income and investment, and check them closely for any errors when you get them.
So once again, if you claim itemized deductions, you'll be able to file your tax return starting Feb. 14th. Maybe the IRS is saying it needs a little love, as well as your money, this year.
