It's that time of year again, time for pulling out those receipts and hanging onto those W-2's. It's time to complete those tax returns, and for those of us hoping for a refund this year, here is what you need to know about how soon you can file:
For most taxpayers, you should be able to file starting January 14th. However, because some of the new tax laws were enacted just this December, certain tax payers should wait until mid- to late February to take full advantage of the new changes.
You should wait to file if:
* You will be itemizing deductions on a Schedule A. Some examples of itemized deductions are mortgage interest, charitable deductions, medical and dental expenses and state and local taxes.
* You will be claiming the Higher Education Tuition and Fees Deduction. This deduction allows you to reduce your taxable income by up to $4,000 in tuition and fees paid to a post-secondary institution (college). NOTE: The delay for this deduction does not effect taxpayers who are claiming other education credits, including the American Opportunity Tax Credit and the Lifetime Learning Credit.
* You are claiming the Educator Expense Deduction. This deduction is for kindergarten through grade 12 teachers with out-of-pocket classroom expenses of up to $250.
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