2011 has gotten off to a great start with the news that this year our federal income taxes are due on April 18th instead of April 15th. This bonus time is given to taxpayers because of Emancipation Day, a holiday observed by the District of Colombia, which falls on Friday, April 15, 2011.
This isn’t the only news the IRS had to share in January. With tax laws enacted by Congress in late December some people will have to wait until mid-February to file their taxes. Sorry early birds.
Who are the “some” that will need to wait?
- Those who itemize their deductions on a Form 1040 Schedule A, which includes mortgage interest, charitable deductions, medical expenses, and state taxes.
- Those who claim the Higher Education Tuition and Fees Deduction, meaning parents and students who claim up to $4,000 in tuition and fees from post-secondary institutes on Form 8917.
- Those who claim the American Opportunity Tax Credit
- Those who claim the Lifetime Learning Credit
- Those who claim the Educator Expense Deduction. This deduction covers up to $250 of out-of-pocket classroom expenses for teachers in Kindergarten to 12th grade.
Most people who do not itemize their deductions can file early, but some taxpayers will need to wait a few weeks while the IRS adjusts its systems to be in accordance with the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010.