Legal News

US taxpayers who itemize their deductions will have to wait until middle to late February 2011 to file their 2010 tax returns, the Internal Revenue Service said.  The Internal Revenue Service attributed the late start of the filing season to changes in tax law for 2010 that were finished last week. The agency needs extra time to put processing systems in place...The delay also applies to filers preparing to take advantage of a deduction for college tuition and fees of up to $4,000, and a separate $250 deduction for teachers? out-of- pocket classroom expenses. The late start to the filing season will affect an estimated one-third of U.S. taxpayers who itemize their deductions rather than claim the standard deduction, which for 2010 is $11,400 for a married couple filing jointly and $5,700 for individuals. According to IRS data for 2008, 33.8 percent of individual returns, or 48.2 million, included itemized deductions.