The IRS is facing something of a delayed tax season. Just before the filing deadline, returns were running 3.4 percent less than a year earlier. Refunds were off 4.5 percent. The Wall Street Journal reports, that's because of the January budget deal to avoid the fiscal cliff. It occurred so late, the IRS had to postpone the opening of the filing season. It needed time to reprogram its computers to account for tax law changes. Experts predict that eventually, the numbers will return to normal. Tax receipts are up this year thanks to rate hikes and more people working.
Expect earned income credit to end soon,or at least be reduced.
ReplyDeleteOur family made less and had to pay more this year. Go figure.
ReplyDelete