Are you daydreaming about how you’re going to spend your tax refund this year? You may have even more time to mull over your options.
The IRS says your 2012 tax refund may come a little bit later than usual. Blame Congress. Because tax legislation was passed late (Jan. 2) to avoid the so-called fiscal cliff, the IRS says it will begin processing federal income tax returns on Jan. 30, eight days later than it planned.
The IRS says it needs the extra time to revise and update forms and finish reprogramming its computer systems.
The vast majority of tax filers — more than 120 million households — have relatively simple tax returns and don’t have to wait to mail or electronically file their forms.
However, IRS officials say households with more complicated returns should wait until late February or early March to file because certain forms require more extensive revisions and won’t be ready until then.
Taxpayers who fall into that category include:
- Those claiming residential energy credits
- Those claiming depreciation of property or general business credits
Now about how you spend that tax refund, here’s another idea: Stash it away for your retirement.
Photo credit: kenteegardin via flickr.com