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Taxpayers Itemizing Must Wait! | David Knoble, CPA, PLLC

David Knoble, CPA, PLLC

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Taxpayers Itemizing Must Wait!

We are all glad that the new tax law has extended some of the sun­set pro­vi­sions that were going to increase almost all our taxes in 2011 and beyond.  There is a glitch, how­ever, with pass­ing this leg­is­la­tion at such a late hour.

This glitch is the abil­ity for the IRS to pre­pare the nec­es­sary changes to the Sched­ule A, or item­ized deduc­tions form for the per­sonal tax return, Form 1040.  All notices we have received indi­cate that this form will be done by the mid­dle or end of Feb­ru­ary, 2011.

This means if you item­ize your deduc­tions on your tax return for mort­gage inter­est, prop­erty taxes, con­tri­bu­tions, and other items, you will not be able to file your taxes until the end of Feb­ru­ary — whether or not you have a refund.  If you take the stan­dard deduc­tion, then you will be able to file quickly as the new year get’s underway.

The ying and yang of income taxes and the IRS!

© 2010, david.knoble
by David Kno­ble, CPA, PLLC
Serv­ing Non-Profits, Busi­nesses & Indi­vid­u­als
Rock Hill, SC

2 comments to Taxpayers Itemizing Must Wait!

  • But why do they have to change Sched­ule A for 2010 — the tax cuts extended are for 2011 — we are fil­ing 2010 taxes now??

    • david.knoble

      Excel­lent ques­tion! The law allows con­gress to change the tax law for the cur­rent year! This means that on 12/31 con­gress can cre­ate a tax law that goes into effect on 1/1, 12 months prior. Of course, this can make tax plan­ning dif­fi­cult and con­gress is sen­si­tive to that.

      The hold up this year is the Tax Relief, Unem­ploy­ment Insur­ance Reau­tho­riza­tion, and Job Cre­ation Act of 2010 (the 2010 Tax Relief Act, P.L. 111–312 ). This is tax law that effects the tax year 2010! This is why we have to wait to file our item­ized tax returns!

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