The IRS says taxpayers can start filing their 2014 tax returns on Jan. 20.
The agency says tax season will start on time despite a last-minute tax law passed by Congress and signed by President Barack Obama.
Earlier this month, Congress passed a bill extending more than 50 tax breaks that had expired at the start of the year. The new law will allow taxpayers to claim the breaks when they file their 2014 returns.
Each year, millions of taxpayers file returns during the first few weeks of tax season so they can get quick refunds.
In recent years, the IRS says it was able to issue most tax refunds within 21 days, if the returns were filed electronically.
(AP)
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Yeah? They still have not even posted the 2014 1040’s OR instruction booklets with details needed to calculate what you fill in.
BTW – Important WARNING to our SELF EMPLOYED friends- According to current rules- you can NOT take the deduction for self employed health insurance costs AND have an “Obamacare” insurance subsidy. According to previous line 29 instructions, deductible insurance must be purchased through the BUSINESS structure.
Businesses ARE allowed to buy insurance from the “marketplace” but they are NOT eligible for “Obamacare” rate reduction subsidies.
This info on needing to choose, has not been publicized, despite the fact that for most of the 20+ MILLION very small businesses in this country- health insurance is their largest deduction.
PLUS Check your numbers carefully, when choosing which option. Consult your accountant. (I am not) But consider- when applying for an “Obamacare” subsidy- one had to estimate THIS years income. If someone has been deducting their insurance costs every year, the estimate likely presumed including that insurance cost(easily $5000- $20,000 or more) as a factor in reducing their taxable income. WITH OUT that deduction, taxable income is thousands higher, maybe high enough to completely disqualify one from any “Obamacare” subsidy.
MAYBE the IRS will change the rules but when I called them to double check my understanding, NO ONE there knew what I was talking about. Nor did anyone at the local or Federal “Obamacare” offices I talked to… And all my account friends said they couldn’t get any info on that either! RIDICULOU!!!