Taxes: April 18 (Yes, that’s Right) Is Coming Up

January 31, 2011  |  

(Wall Street Journal) — It’s that time again: tax-filing season. Most employers have to send workers their W-2 wage reports by the end of January, and, with luck, banks and brokers won’t be far behind with 1099 forms detailing interest and investment income.  This year’s season has several notable wrinkles. Because Congress waited till the last minute to make important changes to 2010 taxes, the Internal Revenue Service is telling some taxpayers to delay filing while it updates its computers.  Who’s affected? The biggest group includes all taxpayers who itemize deductions on Schedule A instead of taking the standard deduction, which for 2010 is $11,400 for married couples and $5,700 for single filers. Itemizers give the IRS a detailed list of their deductions for such items as mortgage interest, charitable donations, and state and local taxes, in order to qualify for greater tax benefits from these write-offs.

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