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IRS New Filing Date: Valentine's Day

Updated on: January 21, 2011 / 9:36 AM EST / MoneyWatch

The Internal Revenue Service plans a Feb. 14 start date for processing tax returns delayed by last month's tax law changes.

This is some sort of cruel joke, but the IRS has announced a special Valentine's Day gift to nearly 50 million tax filers: a delayed start to tax season. Because of the tax cut deal signed late in December, the IRS needs a little extra time to get ready. (It is with some irony that I note that the IRS is totally fine providing extensions for themselves, but a little less generous with taxpayers!)

Here's who has to hold-off on filing:

Taxpayers who itemize deductions on Schedule A. Congress extended the right to deduct state sales taxes in lieu of the state income tax.
Filers who claim the Higher Education Tuition and Fees Deduction which allows an annual write-off of up to $4,000.
Those who take the Educator Expenses Deduction which allows K-12 teachers to subtract up to $250 a year in out-of-pocket classroom expenses from their incomes on forms 1040 and 1040A.

For all taxpayers, the regular filing deadline has been extended until April 18, due to a Washington DC holiday (Emancipation Day). But there has been talk that the IRS could extend the filing deadline a full month -- until May. That's not been decided yet, but it could be just in time for Mother's Day!

Image by Flickr User Janet 59, CC 2.0

Jill Schlesinger

Jill Schlesinger, CFP® is the Emmy-nominated business analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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