Expect delays filing taxes
JANESVILLE--If you’re feeling a little unsure about sorting through paperwork to file your 2012 tax return and get 2013 off to an organized start, you’re not alone.
“This tax season has been very unusual,” said Jim Bartlett, the owner of three Liberty Tax franchises in Rock County.
It started Jan. 3 when Congress passed revisions to the 2012 budget, Bartlett said. That left the IRS working backward to make changes before the agency could start accepting tax returns, he said.
The taxes themselves didn’t change much between 2011 and 2012, Bartlett said. Most taxpayers will see little difference between their returns those years, he said.
The process of filing returns and distributing refunds has changed, Bartlett said.
One noticeable change is the timing, Bartlett said. The IRS didn’t start accepting 2012 tax returns until Jan. 30. That’s about two weeks later than normal, he said.
Some forms are delayed even longer. For example, folks who plan to file for education credits should expect to wait until mid-February at the soonest, Bartlett said. People who want to claim a depreciation credit also will have to wait, he said.
Those delays can cause challenges for professional tax preparers, said Pete Wautlet, a partner with Baker Tilly in Janesville. Returns that are complete can pile up until the IRS is ready to accept them, he said.
Another change in the 2012 tax return filing process is in the way the IRS worded the explanation of how long it would take to get refunds, Bartlett said. In past years, returns were filed weekly on Fridays, and refunds were expected within eight to 15 days, he said.
This year, the IRS has said simply the refund will be sent in less than 21 days, he said.
Looking forward into 2013, most of the changes will affect high-income families, Bartlett said.
For a full story, read Monday’s Gazette, read online in the Gazette’s E-Edition or check back at GazetteXtra.com.
Feb 5, 2013 at 3 a.m.
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We sell T-bills on the open market. Anyone can buy them. China bought some because they like to EARN INTEREST on their investments, and because they are confident that interest will be forthcoming. In other words, they aren't worried about a US default nearly as much as tea partiers seem to be. Anyway, they only hold 8 cents on every dollar of our debt, while 32 cents of every dollar is actually owed back to ourselves (e.g. the Social Security Trust Fund). Yes, the US Government is the largest holder of US Government debt. Should we worry about invading ourselves?
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chelleandlou, this has zero to do with the fiscal cliff. Debt is debt. The fiscal cliff was a question of spending and revenue, not debt.
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Maynard, you do realize that a flat tax would be a boon to the wealthy and a gross imposition of tax burden downward toward the middle class, lower middle class, working class, and poor -- or maybe the question is, do you care?
Feb 4, 2013 at 4:17 p.m.
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Flat Tax!! No loopholes, no deductions, no progressive taxation, no thousands of pages and millions of words. No pandering to all the special interest groups. How much did you make? Send me xx%. Done. One page. If you can use a calculator you are good to go. Maybe even use the tip calculator on your cell phone. I wonder if they would let us reduce the tip (tax rate) for poor service ???
Feb 4, 2013 at 12:23 p.m.
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Another mark against Congress for dragging their feet in resolving the "fiscal cliff" issue.
Feb 4, 2013 at 12:19 p.m.
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cynicaleye - Shouldnt be too much longer before China moves here.
Feb 4, 2013 at 9:04 a.m.
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brwe- I would settle for a high school graduate being able to do their own taxes.
Feb 4, 2013 at 8:48 a.m.
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Sigma...what have you been drinking ?!
Feb 4, 2013 at 8:29 a.m.
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Sigma40: You're a broken record. If you don't like it here, you can move to say Russia or China. Perhaps their governments would suit you better.
Feb 4, 2013 at 7:44 a.m.
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I think a condition for re-election to Congress should be changing our tax laws to the extent that the least literate CAN do their own taxes!
Feb 4, 2013 at 6:54 a.m.
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I think that it should be a prerequisite that people know and do their own taxes in order to obtain a drivers license and vote in this country.
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