Congress passed the American Taxpayer Relief Act, which averted the fiscal cliff, on January 2, 2013. So how will this affect your tax return? Well, to start, if you plan to file anything beyond a simple return, you’ll have to wait for the IRS to update the forms.
The IRS announced that taxpayers can begin filing their 1040 returns on January 30th; however, if your return is more complicated, you’ll have to wait until the end of February or the beginning of March. For example, if you plan to take advantage of the residential energy credits, depreciation of property, or general business credits, you’ll have to wait for the IRS to update the forms.
What can you do while you wait for the IRS to get the forms ready?
Start gathering the documentation you’ll need to complete your return. Need help? Download our free tax checklist.