More articles from IRS Tax News
The IRS has announced that two important forms that had been delayed are eligible for filing this week – the IRS Form 8863 Education Credits, and the IRS Form 4562 Depreciation and Amortization. This step clears the way for almost all taxpayers to start filing their tax returns for 2012. These forms affected the largest groups of taxpayers who weren’t able to file following the January 30 opening of the 2013 tax season.
Returns containing Form 4562 Depreciation & Amortization will be processed by the IRS on Sunday, February 10, 2013. Returns containing Form 8863 Education Credits will be processed by the IRS on Thursday, February 14, 2013. Taxbrain customers can complete and submit tax returns now.
The IRS will start accepting the remaining forms affected by the January legislation the first week of March. A specific date will be announced later. Most of those in this group file more complex tax returns and typically file closer to the deadline or obtain an extension. A full list of the forms that will be accepted the first week of March is available on IRS.gov.
IRS Form 8863 is used to file for two popular education tax credits – The American Opportunity Tax Credit and the Lifetime Learning Credit. These credits are designed to provide additional savings to college students and certain continuing education students. Approximately 12 million Americans receive one of these two credits.
IRS Form 4562 is used by most small businesses that file using the Schedule C Profit or Loss From Business for Sole Proprietorships. Most Small Business returns use this form to take deductions for equipment purchases and to amortize the cost of large purchases over several years.
Learn more about the IRS e-file delay and these forms at the IRS Press Center.
Not using Taxbrain yet? Sign up for a free account today. Our friendly, knowledgeable tax experts can assist you with unlimited free support to help you finish your tax return.