December 27, 2007 // Franchising.com // (Virginia Beach, VA) After grim forecasts of impending lengthy delays to the tax filing season, the IRS is ringing in 2008 with great news: the tax filing season will start on January 11th, as usual for most taxpayers. The only taxpayers who will experience delays are those who claim credits for education, residential energy, child and dependent care expenses, mortgage interest, and the first-time homebuyers in the District of Columbia claiming a credit. The IRS is updating the five forms involving the credits so that those taxpayers can file or e-file their returns starting February 11th.
"Because of quick readiness steps on the part of the IRS, the inconveniences will be minimal for early filers and all taxpayers," said John Hewitt, CEO of Liberty Tax Service. "It's business as usual for Liberty Tax with tax preparation. Our software will hold the affected returns for processing until February 11th."
Because Congress passed the Temporary Tax Relief Act of 2007 so late in the year, there were predictions that the tax filing season could be postponed up to seven weeks. Now there's tax relief for millions of Americans who would have faced a tax hike without a "patch" on the Alternative Minimum Tax, and approximately 15 million early-filing taxpayers can probably file as they normally do. The individual AMT exemptions for 2007 are $66,250 for married taxpayers, and $44,350 for single taxpayers.
About Liberty Tax Service:
Liberty Tax Service is the fastest growing retail tax preparation company in the industry's history. Founded in 1997 by CEO John T. Hewitt, a pioneer in the tax industry, Liberty Tax Service (www.libertytax.com) has prepared over 5,000,000 individual income tax returns and currently operates over 2,900 offices throughout the United States and Canada.
Liberty Tax Service provides computerized income tax preparation, electronic filing and refund loans. With an emphasis on customer service including audit assistance, a money back guarantee, and free tax return checking, Liberty Tax Service is well known for its strong commitment to its client base.