Yeah. This year there is gonna be a wait for the long anticipated refund. The delay is due to the Alternative Minimum Tax (AMT) legislation enacted in December. Read why here. Most tax filers will not be affected by the AMT legislation. The delays in processing and refunds will be experienced only by those who include any of the following five forms with their 2007 individual income tax return:
• Form 8863, Education Credits.
• Form 5695, Residential Energy Credits.
• Schedule 2 (Form 1040A), Child and Dependent Care Expenses for Form 1040A Filers.
• Form 8396, Mortgage Interest Credit.
• Form 8859, District of Columbia First-Time Homebuyer Credit
If you are filing using one of the five affected forms you won’t be able to send your return to the IRS for a few weeks until the IRS computers are reprogrammed for the late tax law change. The IRS expects to be ready for these returns by February 11.
Even if you are affected, you should remember that it is always a good idea to start working on your tax return sooner rather than later.
Filing electronically is the best option for everyone, including people impacted by the AMT changes. Whether or not your return claims an AMT related credit, filing electronically results in faster refunds and fewer errors. When you e-file combined with direct deposit you can expect your refund in as little as 10 days. Refunds from paper returns typically take four to six weeks.
Do you want your taxes prepared electronically? We can handle it for you no matter where you live. Click here for a free quote but please be prepared with information such as w-2s, 1099’s and any other pertinent tax information. If we prepare your taxes, we will e-file them for free. email us with questions at info@capitalconcepts.net.
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