The IRS began accepting and processing most individual tax returns on January 30th after updating forms and completing programming and testing of its processing systems to reflect the America Taxpayer Relief Act that Congress enacted on January 2nd. The vast majority of taxpayers can file now, but the IRS is continuing to update its systems for some tax filers.
The IRS began accepting tax returns from people claiming education credits in mid-February while taxpayers claiming depreciation deductions, energy credits and many business credits will be able to file in late February or early March.
This year, taxpayers have until Monday, April 15, to file their 2012 tax returns and pay any tax due. The IRS expects to receive more than 147 million individual tax returns this year, with about 75% projected to receive a refund.
Last year for the first time, 80% of all individual returns were filed electronically. E-file, when combined with direct deposit, is the fastest way to get a refund. Last year, about three out of four refund filers selected direct deposit.